Central bank of the island country Bank of England (BoE), took the first official step for the digital Sterling, which has been in the press for a long time. According to the official document released today CBDC The currency will only be produced by the central bank. Everyone from large institutions to households will have access to the new digital currency.
British Finance Minister Jeremy Hunt made the following statement after the official announcement:
“Today we announced a new digital currency for the UK. Digital Sterling, which will be controlled by the Central Bank, will facilitate the use of money in daily life.”
Following the announcement, the Central Bank published a detailed draft document of more than 100 pages for the CBDC. The draft report includes information on digital money.
Households and businesses based in the UK will keep CBDC currency in their wallets via smartphone or card. Authorities state in the report that they are open to public advice and are planning a prototype.
“Privacy Will Be Protected”
British authorities seem to have found a solution to the digital currency’s biggest criticism, privacy. According to the document, digital wallets are the central bank’s blockchain will be anonymized on your network. Thus, the feared capital control risk due to state power will be reduced to almost zero.
BoE announced that it will apply a limit of £ 20,000 per person to prevent damage to the banking system in this process.
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