{"id":287395,"date":"2021-04-19T12:39:31","date_gmt":"2021-04-19T16:39:31","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=287395"},"modified":"2021-09-03T04:13:43","modified_gmt":"2021-09-03T08:13:43","slug":"uk-steps-up-crypto-efforts-with-cbdc-task-force-inauguration","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/uk-steps-up-crypto-efforts-with-cbdc-task-force-inauguration","title":{"rendered":"UK Steps Up Crypto Efforts with CBDC Task Force Inauguration"},"content":{"rendered":"

The United Kingdom (UK) has inaugurated a task force saddled with the responsibility of exploring the wholesale use of a central bank digital currency (CBDC).<\/span><\/p>\n

Taskforce To Explore The Possibility of CBDC<\/b><\/h2>\n

The task force known as the CBDC Task Force will collaborate with the UK’s central bank to examine the pros and cons of a state-sanctioned digital currency that British consumers could use alongside fiat currency.<\/span><\/p>\n

The unit will be tasked with the responsibility of exploring the possibility of sanctioning a central bank digital currency (CBDC), per an official press <\/span>release<\/span><\/a>.\u00a0<\/span><\/p>\n

The task force will be co-chaired by Jon Cunliffe, deputy governor of the Bank of England (BoE), and Katharine Braddick, director general of financial services at Her Majesty Treasury.<\/span><\/p>\n

The new unit will consider the efforts of relevant statutory bodies in the UK as regards the development of CBDC.<\/span><\/p>\n

In addition, the <\/span>BoE<\/span><\/a> will also initiate and maintain an internal CBDC unit that Jon Cunliffe will head.\u00a0<\/span><\/p>\n

Simultaneously, the task force will also oversee the design, execution, and operation of the country’s national digital currency.\u00a0<\/span><\/p>\n

Members of the task force would consult major stakeholders in academia, fintech, and other relevant industries.<\/span><\/p>\n

Similarly, they would monitor emerging developments on CBDCs in the international space.<\/span><\/p>\n

The latest development underscores the efforts of the UK government in developing its digital currency program, having sealed the Brexit deal with the European Union.<\/span><\/p>\n

Earlier, UK chancellor of the Exchequer, Rishi Sunak, <\/span>said<\/span><\/a> that the Brexit deal would enable the UK to overhaul its financial services for better efficiency and global competitiveness.<\/span><\/p>\n

CBDC Gaining Traction Worldwide<\/b><\/h2>\n

Besides the latest move by the UK government, several countries across the world are also making efforts on this front.<\/span><\/p>\n

China is one of the forces to be reckoned with in the development of a state-backed digital currency.<\/span><\/p>\n

Recently, the Wall Street Journal <\/span>reported<\/span><\/a> that the People’s Bank of China (PBOC) had launched its first blockchain-powered digital currency.<\/span><\/p>\n

Proposed China’s digital currency known as digital yuan will enable the government to monitor financial transactions, including the details of who and what is purchased.<\/span><\/p>\n

In the same vein, Japan has equally kickstarted a central bank task force on digital currency.<\/span><\/p>\n

The Bank of Japan <\/span>report<\/span><\/a> shows that the central bank will carry out a one-year test of the digital currency in a bid to experiment how it might be used when officially rolled out.<\/span><\/p>\n

Furthermore, the report discloses that all necessary preparations have been completed with Proof of Concept (PoC) already in operation.<\/span><\/p>\n

Interestingly, central banks of other countries are not backtracking on their digital currencies.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom (UK) has inaugurated a task force saddled with the responsibility of exploring the wholesale use of a central bank digital currency (CBDC). 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