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UK May Launch Digital Pound

UK Economics secretary Andrew Griffith confirmed in a recent statement that a digital version of the national currency, the pound, may be launched in the near future. This statement is also considered part of the UK’s policy to increase crypto adoption. Andrew Griffith argues that it would be a better move to issue a stable digital asset to the national currency before a larger central bank launches the digital currency.

While the stable cryptocurrency is considered for use in interbank transfers, it will be evaluated under the Financial Services and Markets Act currently being discussed in the British Parliament. The foundations of the project date back to April 2021. At that time, the UK began work on developing a digital currency that would be managed by the central bank. In addition, Rishi Sunak, who is currently the UK’s Prime Minister, requested that the Bank of England and the Treasury Department work in coordination for digital currency studies. Currently, HM Treasury is expected to launch an opinion poll for the digital pound soon.

The latest move on CBDC work around the world has come from India. India announced that it started testing for the digital rupee in November last year. Currently, it is known that more than 80 countries outside the UK continue to work on CBDC. Among them, China continues to be the leading country in the field of CBDC by increasing its usage area day by day, while continuing the test studies for the digital yuan for many years. The European Union continues to work on the digital version of the Euro. In this context, the union is expected to make its decision on whether to issue the digital euro by the end of the year.

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