{"id":547891,"date":"2023-02-05T00:16:36","date_gmt":"2023-02-04T21:16:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uk-is-likely-to-need-digital-currency-says-boe-and-treasury-report\/"},"modified":"2023-02-05T00:16:36","modified_gmt":"2023-02-04T21:16:36","slug":"uk-is-likely-to-need-digital-currency-says-boe-and-treasury-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uk-is-likely-to-need-digital-currency-says-boe-and-treasury-report\/","title":{"rendered":"# UK is &#8216;likely&#8217; to need digital currency, says BoE and Treasury: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a407ef1d2a1d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a407ef1d2a1d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/uk-is-likely-to-need-digital-currency-says-boe-and-treasury-report\/#%E2%80%9D_UK_is_%E2%80%98likely_to_need_digital_currency_says_BoE_and_Treasury_Report_%E2%80%9C\" >&#8221; UK is &#8216;likely&#8217; to need digital currency, says BoE and Treasury: Report  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UK_is_%E2%80%98likely_to_need_digital_currency_says_BoE_and_Treasury_Report_%E2%80%9C\"><\/span>&#8221; UK is &#8216;likely&#8217; to need digital currency, says BoE and Treasury: Report  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMzU4MzZhMDMtNTc1Yy00MjA5LWI3NzMtZDkzYjIyNmU3MTNiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>The Bank of England (BoE) and Treasury believes the United Kingdom is likely to need to create a central bank digital currency (CBDC) by 2030,<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.telegraph.co.uk\/business\/2023\/02\/04\/digital-pound-possible-2030-bid-combat-falling-use-cash\/\"> according<\/a> to a Telegraph report on Feb. 4.\u00a0<\/p>\n<p>The &#8220;digital pound&#8221; roadmap is set to be introduced next week, a government source told the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper. Deputy Governor Jon Cunliffe is scheduled to give an update on the BoE&#8217;s work on the CDBC on Feb. 7<\/p>\n<p>&#8220;On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,&#8221; noted Governor Andrew Bailey and finance minister Jeremy Hunt to the Telegraph. <\/p>\n<p>The BoE declined to comment on the article, but announced that a joint consultation on the digital pound would be released soon. <\/p>\n<p>The UK reportedly experienced a 35% drop in cash and coin payments in 2020. Cash accounts for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately one in six payments; debit and credit cards account for the other five. A central bank digital currency is a digital version of fiat currency, tied to fiat reserves at a 1:1 ratio, allowing citizens and businesses to manage funds far more efficiently and affordably. <\/p>\n<p><strong><em>Related:\u00a0What are CBDCs? A beginner&#8217;s guide to central bank digital currencies<\/em><\/strong><\/p>\n<p>The news comes just a few days after the UK&#8217;s economic and finance ministry posted on LinkedIn an open position for a head of central bank digital currency. The job description presented the role as \u201cimportant, complex, and cross-cutting\u201d, requiring an \u201cextensive engagement across and beyond the HM Treasury.\u201d<\/p>\n<p>The digital pound is one of many CBDCs expected to be introduced across the world in the years ahead. The European Central Bank (ECB) has been discussing the future of a digital euro, and several countries, including Sweden and Denmark, have also begun exploring the concept of digital currencies.<\/p>\n<p>CBDC pioneer, China&#8217;s digital yuan was launched in beta last year for iOS and Android local app stores. Recent developments include upgrades to smart contract functionality alongside a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of use cases, Cointelegraph reported. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/uk-is-likely-to-need-digital-currency-says-boe-and-treasury-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UK is &#8216;likely&#8217; to need digital currency, says BoE and Treasury: Report &#8220; The Bank of England (BoE) and Treasury believes the United Kingdom is likely to need to create a central bank digital currency (CBDC) by 2030, according to a Telegraph report on Feb. 4.\u00a0 The &#8220;digital pound&#8221; roadmap is set to be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/35836a03-575c-4209-b773-d93b226e713b.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75044,75046,74355,70934,4966],"class_list":["post-547891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-england","tag-cbdc","tag-adoption","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=547891"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547892"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}