The Bank of England intends to create a digital pound

The Bank of England, together with the British Ministry of Finance, announced that they are preparing to discuss the introduction of a digital national currency. Discussions will last until about mid-June, and a decision on the possibility of creating a digital pound will be made closer to 2025. 

And the earliest date at which the digital pound can be launched will be the second half of the current decade. The British authorities believe that the value of the digital pound will be equivalent to the value of the traditional national currency.

The head of the Bank of England, Andrew Bailey, noted that the digital pound will be able to provide new payment opportunities, help businesses, support confidence in money and will better protect financial stability.

It is assumed that the digital currency will be issued by the Bank of England, while neither the government nor the central bank will have access to the personal data of those who will use it. Access to the digital pound will be provided through digital wallets.

Other countries, including the United States, are also thinking about creating virtual national currencies. However, representatives of the US Federal Reserve still express doubts about this idea, although they do not refuse to discuss it. Economists assume that the Fed will release a digital dollar in 10 years. Among its advantages, experts call the expansion of access to financial services and the improvement of the system of cross-border payments.