UK House of Commons Calls for Intense Evaluation of a Digital Pounds

UK House of Commons Calls for Intense Evaluation of a Digital Pounds

UKCBDC

By Miles

04 Dec 2023 (6 months ago)

1 min read

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UK House of Commons urges the Bank of England to evaluate the necessity and risks of introducing a digital pound amid financial concerns.

The UK House of Commons has requested that the Bank of England and Treasury assess the need for a digital pound. They recommend that they employ careful cost management and transparency for the central bank digital currency (CBDC) project.

The CBDC tests proved digital pounds to be beneficial but also showed some investment risks. The committee is not sure if the advantages outweigh these risks so they advised against overestimating the digital pound's capabilities.

Concerns were raised about financial exclusion issues related to a digital pound. The Bank of England and HM Treasury claim that they need more preparatory work considering factors like declining paper money use, emerging digital currencies, and international CBDC developments. Although, notably, they recognize the future importance of a digital currency.

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