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HM Treasury and Bank of England consultation response
25 January 2024
Type
Written Ministerial Statement
Department
Treasury
At a Glance
Issue Summary
The Government and the Bank of England have responded to a consultation on the concept of a digital pound, a UK retail central bank digital currency.
Action Requested
The government commits to introducing primary legislation before any launch of a digital pound to ensure user privacy and control over money. They also reiterate their commitment to protecting access to cash alongside the introduction of a digital pound. The document is available online for further review.
Key Facts
- The UK is exploring the concept of a digital pound, issued by the Bank of England.
- No decision has been made yet to build or issue a digital pound.
- Primary legislation would be introduced before any launch of a digital pound to guarantee users’ privacy and control over their money.
- Feedback from various industries and organisations supports the design proposition but raises concerns about access to cash, user privacy, and control of money.
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Assessment & feedback
Summary accuracy