The UK is looking to keep the City of London on the cusp of financial innovation by stepping up efforts to establish a central bank digital currency (CBDC).
On April 19, the Bank of England and the UK Treasury formed a joint CBDC taskforce to explore a potential UK CBDC. The taskforce will be co-chaired by deputy governor for financial stability at the Bank of England, Jon Cunliffe, and the UK Treasury’s director general of financial services, Katharine Braddick. The CBDC would be used by households and businesses alongside cash and deposits rather than replacing them.
