Overview

• The Bank of England and the UK Government are yet to decide on the launch of a digital pound, with a decision expected around 2025.
• Over 50,000 responses were gathered in a consultation launched last year, with privacy concerns being a major issue.
• New laws would need to be introduced to protect users' personal data and spending freedom before a digital pound could be launched.
• The digital pound, if approved, could be used similarly to a current bank account with money stored in a 'digital wallet'.
• The initial limit of the digital currency could be between £10,000 and £20,000, and it is not expected to pay interest in the early stages.