Breaking: Bank of England to explore the launch of a digital currency

By Shaurya Malwa

Bank of England (BoE), the UK’s central bank and the world’s eighth-oldest bank, said it would form a task force to explore the launch of a digital currency, as per an official release today.

“The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC,” it explained.

The bank added the potential digital currency would be a new form of digital money issued by the Bank of England and for use by households and businesses. “It would exist alongside cash and bank deposits, rather than replacing them,” it said.

(This story is developing and will be updated shortly.)

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