UK Central Bank to Discuss Introduction of Digital Currency

Bank of England in London, UK
[Photo by Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The Bank of England (BOE), the central bank of the United Kingdom, will begin official consultations next year to develop a central bank digital currency (CBDC).

On the 9th (local time), the Bank of England announced plans to initiate the "next phase" of research on digital currency in collaboration with the UK Treasury.

The main point is to start consultations next year regarding additional work on the operational and technical model development of the UK digital currency. They plan to evaluate issues related to digital currency and examine the resulting impacts and implications.

The Bank of England emphasized that no decision has yet been made on whether to introduce a digital currency. Chancellor of the Exchequer John Glen said, "This consultation is the start of a public discussion on what role a central bank digital currency could play in the UK," adding, "We hope everyone will participate in the debate to explore the opportunities it could bring and understand the risks."

Central banks around the world, including the UK, are considering the introduction of digital currencies. China is piloting the digital yuan in major cities such as Beijing and Shanghai. The European Central Bank (ECB) officially launched a project to introduce a digital euro in July.

El Salvador became the first country in the world to adopt the cryptocurrency Bitcoin as legal tender in September. In Africa, Nigeria was the first to implement a digital currency system.

This content was produced with the assistance of AI translation services.