Digital Sterling refers to a potential central bank digital currency (CBDC) for the United Kingdom, issued and backed by the Bank of England. It would serve as a digital form of the national currency, offering a new payment option alongside physical cash and commercial bank deposits. This digital currency would aim to provide a stable and secure medium for transactions. Its design would likely prioritize public access and financial stability.
Context
The development of Digital Sterling is a significant policy discussion in the UK, with news often covering its potential benefits for payment innovation and financial inclusion. Key debates include its impact on commercial banking, privacy considerations for users, and the technological infrastructure required for its implementation. The Bank of England is currently exploring various models and public feedback to inform its decision on issuing a retail CBDC.
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