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What would a digital pound mean for UK financial services?

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 develo ....

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UK Announces CBDC Taskforce to Be Lead by BoE and HM Treasury

UK Announces CBDC Taskforce to Be Lead by BoE and HM Treasury
Apr 19 2021 · 16:45 UTC by Benjamin Godfrey · 3 min read
Photo: Pixabay
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The CBDC Taskforce has four primary functions which revolve around coordinating the exploration of the objectives, use cases, opportunities, and risks of a potential UK CBDC, guiding the evaluation of the design features and others.
The United Kingdom has announced the establishment of a Central Bank Digital Currency (CBDC) Taskforce to help lead the initiatives in its pursuit of a Digital Pound. According to the official announcement which came as a part of the April 2021 Fintech week, the UK CBDC Taskforce will be co-chaired by the Deputy Governor of the Bank of England, Jon Cunliffe, and HM Treasury’s Director General of Financial Services, Katharine Braddick. ....

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