Yuliya Prokopyshyn explores the prospect of a future digital pound and its uses, along with possible privacy and regulation concerns
The Bank of England (BoE) recently announced the possibility that it may issue a digital pound. The consultation paper, entitled ‘The digital pound: a new form of money for households and businesses,’ explains why the BoE considers it advantageous to explore the development and deployment of a UK digital currency.
However, the project and the characteristics of the digital assets have raised many questions and concerns. Some among those include whether the digital pound will be a cryptocurrency, what the future of cash looks like and the implications of the introduction of a digital pound limit.
Before diving into the legal considerations, let’s briefly discuss what the digital pound is, what it will be used...
"Interest in CBDCs in other countries, most notably the US, EU and China, may have also prompted the UK government to embrace these trends. "
