Shulou(Shulou.com)11/24 Report--

CTOnews.com, February 5 (Xinhua)-- the Bank of England and the Treasury will strongly support the "digital pound" next week, drawing up a road map for the introduction of a new central bank currency by 2030, the Daily Telegraph reported.

According to reports, the governor of the Bank of England (Bank of England) and the current Chancellor of the Exchequer said in an excerpt from a consultation document: "based on our work so far, the Bank of England and the UK Treasury have judged that digital pounds may be needed in the future."

"it is too early to commit to building infrastructure for it, but we believe that further preparations are reasonable."

▲ source Pixabay Digital sterling will use the blockchain technology currently used in cryptocurrency to record transfers on a central digital ledger, theoretically allowing banks to issue new currency digitally to individuals or businesses. Digital sterling will also allow people to hold digital money on devices such as smartphones without the need for bank accounts, similar to keeping physical cash in their wallets.

The Bank of England and the Treasury will start four months of negotiations, when companies, academia and the wider public will be invited to express their views on the launch of digital sterling.

In addition, the Bank of England and the Treasury will begin the "design" phase of the project to develop a blueprint for how to build and use digital sterling. The creation of the digital pound is expected to take several years, and sources say it will involve "a lot of public investment".

The Bank of England has set 2025 as the "earliest" date when the bank can start building and testing currency prototypes, the report said. The bank had previously said the earliest date for the launch of digital pounds was 2026-2030.

CTOnews.com learned that other countries are already experimenting with national digital currencies, and China was one of the early pioneers, starting to test the use of the digital RMB in 2021.

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