UK Officials Press Bank of England for Faster Digital Pound and Stablecoin Progress
The UK government is urging the Bank of England to speed up its plans for a digital pound and stablecoin, citing concerns that the country may fall behind in the global race to modernize payment systems.
According to officials, the Treasury has been pushing for regulatory clarity on stablecoins and exploring the potential of blockchain-based settlement systems. The Bank of England, while cautious about risks to financial stability, has acknowledged the need to keep pace with technological developments.
The upcoming design proposal is expected to outline key features of a digital pound, including privacy protections, offline capabilities, and integration with existing payment systems. The official assessment will weigh the benefits against potential risks, such as bank disintermediation and cybersecurity threats.