The UK government will bring forward a consultation on the case for a central bank digital currency (CBDC) "in the coming weeks," Chancellor of the Exchequer Jeremy Hunt said on Friday. The Bank of England (BOE) will also release a paper that sets out technology considerations informing the potential build of a digital pound, Hunt said in a written statement to Parliament.
Hunt announced these plans as part of a wider set of reforms to spur the UK's financial services industry.
BOE officials led by Deputy Governor Jon Cunliffe have become increasingly vocal about the need for so-called central bank digital currencies, which would give consumers and businesses a form of money that's as safe as cash but usable in online transactions.
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