The United Kingdom isn’t releasing a digital pound—not yet, anyway. 

In a report that examines the responses from a consultation paper from the Bank of England and His Majesty’s Treasury, the government department and central bank said that another study would be necessary before a central bank digital currency (CBDC) drops in the UK.

A CBDC is a digital currency that—unlike virtual coins Bitcoin, Ethereum, or Dogecoin—is controlled by a central authority: a central bank, to be precise.

“No final decision has been made to pursue a digital pound—also called a central bank digital currency,” a joint statement from the two bodies read. “We will make sure we can design a digital pound that will work for you before any decision is made on whether or not to start building it.”

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Author: Mathew Di Salvo

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