UK Launches Digital Currency Task Force to Explore the Future of Money
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A British ten pound sterling and five pound sterling note are arranged in a photograph in London.
Photo: Justin Tallis (Getty Images)
The Bank of England and the UK’s Treasury have launched a task force to explore the use of a national digital currency, the British government announced in severalpress releases early Monday as part of April 2021 Fintech Week.
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The task force, formally known as the Central Bank Digital Currency (CBDC) Taskforce, will examine the pros and cons of issuing a new digital form of money that could be used by British consumers alongside cash. But the government is quick to note it hasn’t yet reached a final decision about issuing a digital currency that would potentially compete with cryptocurrencies like bitcoin and ether.