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UK mulls creating new digital currency

UK mulls creating new digital currency
The currency will not replace cash and bank deposits

Mubasher: The UK Treasury and Bank of England (BoE) announced the creation of a joint taskforce to explore a potential central bank digital currency (CBDC).

The 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,” the BoE said in a statement on Monday.

The taskforce will explore the objectives, use cases, opportunities, and risks of a potential digital currency and the BoE will create a unit to lead the exploration of a CBDC.

The move to digital currencies comes as bitcoins and other cryptocurrencies have received growing interest from financial institutions.