The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins.
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The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins.
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Finance minister Jeremy Hunt says the digital pound, or “Britcoin” would be issued and backed by the Bank of England, but won’t negate the use of cash.
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A new report highlights private-sector innovation and greater financial inclusion with CBDCs, but raises concerns around the descending hegemony of the U.S. Dollar.
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The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs.
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“The earliest date for launch of a U.K. CBDC would be in the second half of the decade,” said the Bank of England, adding no final decision has yet been made.
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