United Kingdom Puts Forward Plan for Central Bank Digital Currency by End of 2022

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by Shane Trejo, Big League Politics:

The United Kingdom is expected to release a report featuring some proposed steps for a central bank digital currency (CBDC) by the end of the year.

According to Tom Parker of Reclaim the Net, the Bank of England and the UK Treasury will be issuing the report. Sir Jon Cunliffe, the Bank of England’s Deputy Governor of Financial Stability, announced the release of the report at a recent speech titled “Reflections on DeFi, digital currencies and regulation.”

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In the speech, Cunliffe stated that the Bank of England and other UK government agencies have plans on imposing more regulations on cryptocurrencies as they proceed to establish a CBDC.

Additionally, Cunliffe called attention to how the Bank of England is “actively exploring the issuance of a digitally native Pound sterling” and alluded to the notorious collapse of the cryptocurrency exchange FTX as one of the reasons why the UK must pursue stronger cryptocurrency regulations.

Cunliffe stated that the Bank of England and Treasury’s efforts to establish a digital pound was propelled by “the trends away from physical cash, which cannot be used in an increasingly digital economy, and, potentially, towards new forms of tokenised money.”

On top of his ideas for a digital pound, Cunliffe also discussed how the British government will begin imposing harsher regulations on cryptocurrencies in the UK.
Cunliffe believes that “the financial service activities and the entities that now populate the crypto world” must operate “within the regulatory framework.”

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