Bank Of England, UK Treasury Support ‘Digital Pound’ Project

Fancy creating a whole new UK currency digital pound? That’s exactly what the Bank of England and the UK Treasury could be about to do! That’s right, a digital version of the UK’s currency.

This project could mean a huge overhaul in the way commerce works, enabling citizens to make faster payments, increase access to financial services, and boost economic security with more protected payments.

What is the Project?

The Bank of England and the UK Treasury are working together on a project to develop a Central Bank Digital Currency (CBDC). The project is known as ‘digital pound’ and it will look to create a new form of digital currency linked to the UK pound.

The digital pound will be an electronic form of payment that is reliable and secure. Transactions will be instant and session-based, meaning it will be both safe and convenient.

What are the Benefits?

There are a huge number of potential benefits for the digital pound. Here are a few of the highlights:

  • Faster and more secure payments. Transactions between users will be nearly instant and you won’t have to worry about the stability or security of the payment.

  • Access to financial services. Those without access to financial services will now be able to securely store and transfer their funds online.

  • Reduced financial crime. Financial institutions will be able to detect and prevent fraudulent activity through the digital currency.

Will UK Make the Move?

Interestingly, the Bank of England and UK Treasury believe that the UK is likely to need a CBDC. But will they make the move towards creating one?

Well, it’s still early days, but with all the potential benefits that a digital pound could offer, it seems a move in this direction is all but inevitable!

Funny enough, if the digital pound does go ahead, then the UK will officially become the funnest country to invest in!