The Bank of England and Treasury Will Throw Their Weight Behind a Digital Pound

Bank of England and Treasury will throw their weight behind a digital pound. Andrew Bailey and Jeremy Hunt are expected to say it is likely that a new form of money will be needed as cash use continues to decline an increasingly digital economy. A CBDC would use blockchain technology currently used by cryptocurrency to record transfers on a central digital ledger. However, the plans are likely to fuel fears that physical currency could one day be phased out altogether.

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