The UK may be looking into introducing a digital currency as part of the effort to allow controlled regulation of cryptocurrencies in the country. Jeremy Hunt, Chancellor of the Exchequer of the United Kingdom, recently announced that the government is exploring some potential avenues to make digital sterling a reality.
CBDC for the central bank of England.
According to the regulatory framework established by the United Kingdom, innovation in emerging financial areas must be fully supported with solid foundations, in which control of the powers necessary to bring more cryptoactive activities to the country must be ensured in the first instance and allow a safe digital economy for people.
“To ensure the sector is ready to adopt and facilitate the adoption of cutting-edge technologies, the government is launching a consultation in the coming weeks to explore the case for a central bank digital currency, a sovereign digital pound”
UK Chancellor of the Exchequer
Hunt mentioned that the Bank of England will publish in the coming weeks a “technological working document” with all the parameters to be taken into account for the creation of a new regulatory framework around stable currencies, recognizing their use to make recurring payments for goods and services in the country. The government will also seek to expand the Financial Markets and Services Bill to allow registered investment managers can trade cryptocurrencies and include many of these assets in the list of foreign assets managed by the countrysomething that is expected to be effective at the beginning of 2023.
With this, the bank of england strengthens its position on the importance of digital currencies in which many senior officials, including Lieutenant Governor Jon Cunliffe, have openly expressed the need for a digital pound that could make the country’s economy even more dynamic thanks to the speed offered by digital assets in a fairly secure environment.
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