Bank of England is ‘highly unlikely’ to develop a retail wallet for CBDC, says official by RyanJamesWeeks
The Bank of England is exploring whether to issue a so-called CBDC and will set out the merits of doing so this year.
The question of whether the United Kingdom’s central bank will issue a so-called Central Bank Digital Currency is far from settled. The Banksetting out its assessment of the merits of what some have dubbed the ‘Britcoin’ later this year. “I think it’s safe to say it’s highly unlikely that the Bank would issue a retail wallet,” said Katie Fortune, a senior manager in the central bank’s CBDC unit. Fortune said it is more likely that wallets that could support a British digital currency will be produced by the private sector.
It is not yet even clear, according to Fortune, whether any CBDC issued by the central bank would need to be underpinned by blockchain technology — a form of digital ledger that supports most major cryptocurrencies.
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