United Kingdom plans CBDC by 2030

The Bank of England and the Treasury plan are going to present a roadmap for launching a CBDC this week.

The Telegraph reports that the Bank of England, together with the UK Treasury, expects to launch a UK CBDC by 2030. This week, they plan to publish a roadmap to the digital pound.

A four-month "consultation" with businesses, academics and the general public on the benefits of a digital pound is also planned. The CBDC is considering it because of the declining use of cash in the country. Only 15% of all payments were made in cash, the report said. In 2011, the figure was 50 per cent.

However, the first prototype of the CBDC is not expected until 2025 at the earliest because of the research still to be done. So the UK is continuing its push for digital currencies. Recently, the government announced draft legislation for "robust regulation" of cryptocurrencies, according to the BBC.

The aim is to create a "fair standard" for crypto assets to "mitigate risks" and "reap benefits". UK Prime Minister Rishi Sunak has also been open to cryptocurrencies in the past. So, despite a preference for CBDCs, "stablecoins as a recognised means of payment" could soon become a reality in the country too.