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- Bank of England and HM Treasury will coordinate to explore a potential UK Central Bank Digital Currency (CBDC).
- The coordination will be led by a Taskforce consisting of specified individuals from the Bank of England and HM Treasury.
- Even if a CBDC is launched, it will not replace cash and bank deposits, rather exist alongside them.
The UK government has launched a Central Bank Digital Currency (CBDC) Taskforce to start exploring the potential of a state-backed digital currency.
As per the official data, the Taskforce will primarily only include relevant individuals from the Bank of England and HM Treasury. However, other UK authorities will be involved when “appropriate.” The Taskforce is co-chaired by the Deputy Governor of the Bank of England, Jon Cunliffe, and HM Treasury’s Director General of Financial Services,