According to the news reflected in the press today, the Bank of England and the Treasury Department have started to make serious planning for the digital currency (CBDC).
According to the statement given by a name close to the government, the target for the digital pound is 2030 at the latest. Allegedly, the details of the CBDC study of the two financial institutions will be announced by Deputy Prime Minister Jon Cunliffe next week.
British Finance Minister Jeremy Hunt gave the following words in a statement to sources:
“After the work done so far, the Central Bank and the Ministry of the Treasury will develop a digital platform in the coming years. Pound agreed that we need the currency.”
While the Bank of England officials did not speak to the relevant sources, they pointed out that there will be new developments for the CBDC in the coming days.
Brits Are Moving Away From Cash
According to a study conducted in the past in England, citizens changed their money usage habits. The data revealed that cash payments in the country have decreased by 35% since 2020, when the pandemic began. While British citizens completed 5/6 of their payments with credit cards, the use of cash assets was limited to 16%.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!