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UK moves one step closer to digital cash

On April 19th, the UK government and the Bank of England announced they are setting up a Central Bank Digital Currency Taskforce. This an important opportunity — if the Bank of England chose to launch a Central Bank Digital Currency (CBDC), it could be a massive step towards a fairer money and banking system that serves ordinary people and the real economy.

In this blog, we give an introduction to what CBDC is, why it’s different to the money we use already, and what would change if the Bank of England chose to issue a CBDC.

What is “CBDC”?

A CBDC would be money in bank accounts provided by the Bank of England, instead of the high street banks (like Lloyds or Barclays). This means CBDC would be digital cash. Like banknotes, it would be issued by the Bank of England as a public currency, but could be used to make payments with cards and for shopping online. Digital cash is one of Positive Money’s core proposals, and we’re excited to see the Bank of England and the government exploring implementing it.

— source positivemoney.org | Zack Livingstone | May 7, 2021

Nullius in verba


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