Bank of England And HM Treasury Announce Taskforce to Launch “UK CBDC”

The Bank of England and HM Treasury in a joint statement announced the launch of a CBDC task force that would be responsible for exploring different potential use cases for a “UK CBDC.” Central Bank Digital Currency (CBDC) has become a priority for many countries in the wake of the rising popularity of digital assets and the progress of China in the same field.

The joint task force would be responsible for

• Coordinate exploration of the objectives, use cases, opportunities, and risks of a potential UK CBDC.
• Guide evaluation of the design features a CBDC must display to achieve our goals.
• Support a rigorous, coherent, and comprehensive assessment of the overall case for a UK CBDC.
• Monitor international CBDC developments to ensure the UK remains at the forefront of global innovation.