U.K. Government considers the possibility of “digital pound”

The economic secretary to the Treasury, Andrew Griffith has confirmed that the U.K. government is considering introducing a national cryptocurrency or “digital pound.”

Griffith told the Treasury Select Committee that a public consultation on the attributes of a digital pound would come into effect in the coming weeks. Since countries across the world are already introducing digital currencies, Griffith is also urging the U.K. to explore what he claimed to be “potentially disruptive technologies.”

“I want to see us establish a regime, and this within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins. It is right to look to seek to embrace potentially disruptive technologies, particularly when we have such a strong fintech and financial sector,” Griffith told the committee.

Since the U.K. already has a strong fintech and financial sector, taking part in the exploration of this “potentially changing technology” can not only challenge but also “turbocharge all of those (financial) industries.

Although exploring the possibility of a digital pound, the decline in crypto value is forcing the U.K. government to introduce general regulatory approach to crypto assets.

On the regulatory approach, consultation will form part of a “research and exploration” phase which will help both the Bank of England and the government to develop needed plans over the new few years.

The sources for this piece include an article in BBC.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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