{"id":548736,"date":"2023-02-07T07:52:22","date_gmt":"2023-02-07T04:52:22","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/uks-digital-pound-would-modernize-payments-but-wont-replace-cash-minister\/"},"modified":"2023-02-07T07:52:22","modified_gmt":"2023-02-07T04:52:22","slug":"uks-digital-pound-would-modernize-payments-but-wont-replace-cash-minister","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/uks-digital-pound-would-modernize-payments-but-wont-replace-cash-minister\/","title":{"rendered":"# UK&#8217;s digital pound would modernize payments but won&#8217;t replace cash: Minister"},"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-6a36e9ad01047\" 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-6a36e9ad01047\" 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\/uks-digital-pound-would-modernize-payments-but-wont-replace-cash-minister\/#%E2%80%9D_UKs_digital_pound_would_modernize_payments_but_wont_replace_cash_Minister_%E2%80%9C\" >&#8221; UK&#8217;s digital pound would modernize payments but won&#8217;t replace cash: Minister &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_UKs_digital_pound_would_modernize_payments_but_wont_replace_cash_Minister_%E2%80%9C\"><\/span>&#8221; UK&#8217;s digital pound would modernize payments but won&#8217;t replace cash: Minister &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvYjA0MWUyOWMtMDdiNy00N2VhLThlYzQtMmI0ZTg1MjdmNWVhLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could &#8220;provide a new way to pay&#8221; without necessarily replacing cash.<\/p>\n<p>On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs) is set to drop, with the BoE and Treasury seeking feedback on how, and if they should proceed with building a CBDC.<\/p>\n<p>In a Feb. 6 public statement, Finance Minister Jeremy Hunt indicated that the two entities would seek to develop a modernized digital payments system that doesn\u2019t necessarily negate the use of cash. <\/p>\n<p>&#8220;While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that\u2019s trusted, accessible and easy to use,&#8221; he said, adding that \u201cwe want to investigate what is possible first, whilst always making sure we protect financial stability.&#8221;<\/p>\n<p>Another key area of focus will be to provide a government-backed alternative to privately issued stablecoins, with officials from the BoE and treasury <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-06\/uk-steps-up-planning-for-digital-pound-currency-backed-by-boe\">expecting<\/a> big tech companies to develop such in the coming years. <\/p>\n<p>As part of the statement, BOE Governor Andrew Bailey emphasized that a \u201cdigital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.\u201d<\/p>\n<blockquote><p>\u201cHowever, there are a number of implications which our technical work will need to carefully consider. This consultation and the further work the bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.\u201d<\/p><\/blockquote>\n<p>BoE Deputy Governor Jon Cunliffe is also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/britain-presses-with-proposals-digital-pound-2023-02-06\/\">set<\/a> to give a speech on Feb. 7 to update the finance industry on the bank and treasuries\u2019 CBDC work so far. <\/p>\n<p>If they decide to move forward, it was <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/technology-64536593\">suggested<\/a> that the Digital Pound and its underlying blockchain-based system would not be built until at least 2025. <\/p>\n<p><strong> <\/strong><strong><em>Related: <\/em><\/strong><strong><em>London emerges as world\u2019s most crypto-ready city for business \u2014 research<\/em><\/strong><\/p>\n<p>In April 2021, current Prime Minister and former finance minister Rishi Sunak directed the BoE and Treasury to collaborate and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bankofengland.co.uk\/digital-currencies\/cbdc-taskforce-terms-of-reference\">form<\/a> the Central Bank Digital Currency Taskforce. Essentially the duo are tasked with overseeing the study and potential implementation of the Digital Pound. <\/p>\n<p>While it <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>ears to have been a slow burn so far, given how cautious the bank and treasuries stances are, the latter did post a job listing to LinkedIn on Jan. 24 calling for a team lead for its Payments and Fintech Team of roughly 20 people focused exploring on a \u201cpotential digital pound.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"consulting_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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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-s-digital-pound-would-modernize-payments-but-won-t-replace-cash-minister\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; UK&#8217;s digital pound would modernize payments but won&#8217;t replace cash: Minister &#8220; The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could &#8220;provide a new way to pay&#8221; without necessarily replacing cash. On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs)&#8230;<\/p>\n","protected":false},"author":1,"featured_media":548737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/b041e29c-07b7-47ea-8ec4-2b4e8527f5ea.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75044,75046,75022,70934],"class_list":["post-548736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-england","tag-cbdc","tag-central-bank","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548736","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=548736"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/548736\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/548737"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=548736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=548736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=548736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}