The U.K.'s central bank the Bank of England in cooperation with several other central banks, including the Bank of Canada, the Bank of Japan and the European Central Bank has created a group to examine the potential use cases for central bank digital currency (CBDC) in their jurisdictions.
The newly-formed group will reportedly assess CBDC not only use cases but also economic, functional and technical design choices of CBDC.
The group will also partner with various financial institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI), the official press release states.
However, it is quite unlikely that the U.K. will issue anything similar to traditional digital currencies given the fact that previously HM Revenue & Customs registred a public contract for a $130,000 cost tool to track cryptocurrencies like bitcoin (EXANTE: Bitcoin), ethereum (ETH) and Monero (XMR).
Earlier iHodl reported that an American multinational financial services Fidelity Investments Inc. announced it's opening a new office in London to serve European institutions investing in digital assets.
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