According to reports from Bloomberg, the bank of England (BOE) is contemplating creating a government-backed digital currency. This was made known by Andrew Bailey, Governor of the Bank of England, in a webinar event, he told students that it was being reviewed and the Central bank is still trying to weigh their options.
It looks like the BOE is still in its early stages with this decision and has not gone very far with it, so it is not clear whether the Central bank has begun any serious preparations for the creation of this digital currency.
The idea is still in its first phase but if it proves increasingly valuable to the BOE, we can expect to hear of testing and regulatory frameworks being put in place, hopefully before the year comes to an end.
In a follow-up statement, Governor Bailey assured the students that the digital currency could possibly come to fruition in a few years’ time. As explained previously, this is just the consideration stage, and for the national currency to come to a realization, it is crucial that the inherent qualities of digital currencies do not clash or obstruct most of the already implemented financial laws in the country.