The UK government promised this Thursday (25) that future legislation for the digital pound would guarantee privacy and control of money. The promise was made in response to the Finance Ministry's public consultation on Central Bank Digital Currency (CBDC).
The survey, conducted in partnership with the Bank of England, had over 50,000 responses and was completed in June. The biggest concern raised was privacy and control of money. The UK is taking a cautious approach to the digital pound.
In a press release, the Bank of England's deputy governor for financial stability said, “Confidence in all forms of money is an absolute necessity.” “We know that the decision whether or not to introduce the digital pound in the UK will be a critical one for the future of money. We need to build that trust and support from the public and businesses that will use it if it is introduced.
The response to the consultation showed that the proposed design of Digital Libra was well received, although it is not yet known when the launch will take place. Also, Digital Pound will be accessible overseas.
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The UK Treasury Select Committee has proposed that a digital pound should have a minimum value of three thousand euros. The Bank of England, for its part, is maintaining its £10,000-20,000 limit for now, but may review this in the future.
The Bank of England has announced that it is conducting trials with companies to test how the digital pound will work in the real world. The agency has pledged to carry out new public consultations before the legislation is introduced.
The Bank of England has announced that it is conducting trials with companies to test how the digital pound will work in the real world. “We are committed to further public consultation before the legislation is introduced.”
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