Bank of England predicts a digital pound CBDC by 2030 – Cryptopolitan
The Bank of England and the Treasury are set to introduce the idea of a “digital pound” CBDC in a roadmap to be launched next week. The central bank currency, which has been dubbed “Britcoin,” could be in use by 2030 and will sit alongside the traditional physical currency. Despite this, there are fears that the physical currency could eventually be phased out. Andrew Bailey, the Governor of the Bank of England, and Jeremy Hunt, the Chancellor, will lead the digital pound launch two years after Prime Minister Rishi Sunak set up a task force to explore the creation of a central bank digital currency (CBDC). The Bank of England and the Treasury believe that a digital pound will be needed in the future, however, it is still too early to build the necessary infrastructure. The CBDC would be based on blockchain technology and would use a central digital ledger to record transfers. The Bank of England currently creates money digitally by issuing new reserves at commercial banks, but the CBDC would allow the bank to issue the currency digitally directly to individuals or businesses. However, the Bank of Inglatera will not have a direct relationship with the public, as it will not allow