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This type of money supports the UK’s monetary and financial stability. The money we issue as the UK’s central bank is the anchor of confidence in our monetary system. In light of these trends, the Bank of England and HM Treasury judge there is likely to be a future need for, and benefits from, a digital pound. Some of these could pose risks to the UK’s financial stability. There are also new forms of money on the horizon. Digital payments are becoming more common. People are not using cash as much as they used to. The way people pay for things is changing. We have published a Consultation Paper, which explores the need for the digital pound and proposes a set of design choices for it.Ī digital pound is likely to be needed to fulfil our mission As opposed to cryptocurrencies, which are issued privately, the digital pound would be issued by the Bank of England and be backed by the Government. The digital pound would not be a cryptocurrency or cryptoasset. That’s why we will continue to issue it for as long as people want to keep using it. We know being able to use cash is important for many people. If we introduced it, it would not replace cash. £10 in digital pounds would always have the same value as a £10 banknote. The digital pound would be denominated in sterling and its value would be stable, just like banknotes. We call the UK version of CBDC the digital pound. You may also hear it being called ‘digital sterling’ or even ‘Britcoin’. This type of money is known as a central bank digital currency (CBDC). You would be able to use it in-store or online to make payments. The digital pound would be a new type of money issued by the Bank of England for everyone to use for day-to-day spending. News and publications Open News and publications sub menu.Option-implied probability density functions Gross Domestic Product Real-Time Database The PRA’s statutory powers and enforcement Money Markets Committee and UK Money Markets Code Greening our Corporate Bond Purchase Scheme (CBPS) Operational resilience of the financial sector Wholesale cash distribution in the futureįinancial market infrastructure supervision

Use case diagram for online discussion forum