February 5, 2023

UK Tackles Launch of Its CBDC by 2030

UK Tackles Launch of Its CBDC by 2030 Featured Image

UK BoK

The UK Treasury, the British finance ministry, and the Bank of England (BoE) believe that the UK is likely in need of the creation of its central bank digital currency (CBDC) by 2030, according to an unreleased government report.

A government source told The Telegraph Newspaper that the digital currency’s roadmap will be launched by the next week as Deputy Governor Jon Cunliffe will give an update on the bank’s work on the CDBC on Tuesday.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt as saying in the joint report.

Cointelegraph reported that the news came days after the UK economic and finance ministry announced on LinkedIn that it seeks to hire a head of the central bank digital currency, saying the role is “important, complex, and cross-cutting” in addition to requiring an “extensive engagement across and beyond the HM Treasury.

Moreover, in another place in the world, the National Bank of Kazakhstan (NBK) announced that its digital Tenge is in the pilot stage, which will be launched in cooperation with Binance, according to a joint report.

NBK Deputy Governor Berik Sholpankupov said the cooperation with traditional finance and DeFi will enhance financial inclusion and support international trade, noting the Digital Tenge can bridge the world of crypto with traditional fiat payments infrastructure.

Kazakhstan earlier announced the launch of its digital Tenge project in 2020 as the project is scheduled to be completed by the end of 2025. Currently, BNB Chain and NBK are testing CBDC integration with the [BNB] public decentralized blockchain to bridge the gap even further between traditional banking and the crypto ecosystem, the report added.

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