The Bank of England (BoE) and the HM Treasury are considering plans to launch a "digital pound."
The introduction of the currency could be expected within the next ten years. In its announcement of the consultation yesterday, the Bank of England and the Treasury confirmed that no decision has been taken at this stage however, both departments will continue to research and develop the concept.
If plans are ultimately approved, the central bank digital currency (CBDC) would be issued by the Bank and households and businesses could use it for everyday payments in stores and online. The currency would also be interchangeable with cash and bank deposits alongside normal money, which the Treasury says will "complement cash", reported The Mirror.
