Digital Pound Launch Undecided Amid Privacy Concerns
Decision Expected Around 2025 After Gathering Over 50,000 Responses in Consultation
- 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.
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