A UK central bank digital currency would not replace cash and bank deposits
It would be issued by the BoE and for use by households and businesses
Unlike Bitcoin, it would likely be pegged to the pound to avoid volatility
Taskforce will consult with financial institutions, retailers, businesses, civil society groups and consumers
Central banks have been concerned over the popularity of cryptocurrencies
Bitcoin saw a wild weekend of price swings and sits at around $57k today
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Sputnik International
Source: Getty
Summary: Faster and more trackable than cash, newly minted, state-managed digital currencies are poised to revolutionize how the world buys, sells, and invests.
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What are central bank digital currencies?
Central bank digital currencies (CBDCs) are essentially the digital version of cash. Like cash, they are issued by and have their value guaranteed by central banks. For example, an Indian CBDC would be denominated in rupees, with one digital rupee having the same value as a one-rupee coin.
These digital currencies are the latest innovation in payments technology and could change the way financial transactions are done. Whether the task is sending money abroad in a jiffy or making digital financial transactions without using the internet, CBDCs can help solve many of today’s payment issues like long transaction times and high fees.
Gary Gensler SEC Chairman – Forbes Advisor forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
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