The head of the division for the development of the state digital currency of the Bank of England believes that the “Britcoin” will not be released until 2025.
Senior Manager of the division responsible for research and development of the state digital currency of the Central Bank of England, Katie Fortune (Katie Fortune),
statedthat UK digital currency wallets are likely to be developed by the private sector.
“It is highly unlikely that the Bank of England will issue a retail wallet.”
She noted that the regulator is still far from the decision to issue a state digital currency. Fortune added that the central bank plans to publish a consultation paper outlining its assessment of the so-called “Britcoin” in late 2022.
She believes that there are still many unresolved technical issues. It is not yet clear whether the state digital currency issued by the central bank should be based on the blockchain.
“This is still an open question for us. This currency will not necessarily be built on the blockchain.”
Fortune added that the central bank collects a wide range of opinions through its CBDC forums, which include representatives from banks, financial companies and academics. Katie Fortune opined that if the central bank, after publishing its consultation paper, decides to continue working with the state digital currency, then it will enter the phase of developing several prototypes at the end of this year. She believes that the launch of the digital currency of the Central Bank in the UK will take place no earlier than 2025.
Earlier, the UK Treasury and the Bank of England said that consultations on the possibilities of the digital pound would begin in 2022. This year, the economic committee of the House of Lords of the UK Parliament came out with the opinion that the massive transition from cash to digital currencies of central banks will bring many problems. At the same time, a survey by Redfield & Wilton Strategies showed that 30% of Britons do not believe in the potential of the Bank of England digital currency and believe that it has more disadvantages than advantages.
Source: Bits
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