Jeremy Hunt, head of the UK Treasury, has said the launch of the digital pound will take place after 2025, not before.
According to him, the CBDC, which has been dubbed e-GBP, could become a new "reliable and affordable" means of payment. For the time being, the authorities are studying the impact of this possible CBDC on financial stability.
The Bank of England and the Treasury published a consultation document on the digital pound on February 7. Interested parties will be able to send their comments until June 7.
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The main purpose of the currency, according to the document, is to ensure that the UK central bank's money maintains the status of an anchor of trust and confidence in the country's monetary system.
The e-GBP, which can be used by the public and businesses for everyday purchases and in e-commerce, will be available to non-residents.