By Will McCurdy
19/05/2021
Some experts believe a fundamentally different approach to the pound sterling could help the UK stay internationally competitive. Will McCurdy explores the potential effect of a central bank digital currency (CBDC) on the UK financial services industry, if it could help the City of London stay competitive, and what challenges its introduction might hold.
In 2020, though almost everyone could tell you what a Bitcoin is, and in some circles almost anyone could tell you what a blockchain is, far less could tell you what a central bank digital currency (CBDC) is.
What is a CBDC? Though anyone can hold cash, only banks can hold digital pound sterling. A digital pound would allow citizens and businesses to transfer money to each other without the use of a third-party bank as an intermediary. Which might be a worrying proposition for the UK, a country where the financial services sector is worth £132 billion – the ninth largest in the developed world as a
Japan’s largest bank developing new digital currency
And the CityUnited project has urged Boris Johnson and Rishi Sunak to be bold and think big as they look a future in which e-commerce will increasingly take centre-stage – emphasising the potential for the UK to get a massive head-start on the European Union. China is already pushing ahead with its own plan to launch its Central Bank Digital Currency’ by the time of next year’s Beijing Winter Olympics – and last month Mr Sunak announced the creation of a task force aimed at exploring the possibility of Britain launching what he termed “Britcoin”.
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LONDON (Reuters) - A digital pound must be at the heart of Britain’s efforts to strengthen the City of London’s global attraction as a financial centre after Brexit, think-tank CityUnited Project said on Friday.
FILE PHOTO: Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo
The finance ministry is due to set out proposals for making Britain’s capital market more attractive after Amsterdam toppled London to become Europe’s top share trading centre after the City was cut off from the European Union on Dec. 31.
Digital pound would boost post-Brexit City of London
China is planning to put its digital yuan to use at the 2022 Winter Olympic Games in Beijing
Reuters
April 09, 2021
LONDON:
A digital pound must be at the heart of Britain’s efforts to strengthen the City of London’s global attraction as a financial center after Brexit, think-tank CityUnited Project said on Friday.
The finance ministry is due to set out proposals for making Britain’s capital market more attractive after Amsterdam toppled London to become Europe’s top share trading center after the City was cut off from the European Union on December 31.
Mastercard offers billing with no invoice in U K ; Citi tests cross-border blockchain paymentssource.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from paymentssource.com Daily Mail and Mail on Sunday newspapers.