![]() The report published today sets out for consultation the key features of the model we propose to take forward. In order to proceed to the next stage, we need clarity about the model of a digital pound to be developed. We expect that this research and development work will have important benefits for both the Bank and the fintech industry even if the eventual decision is not to introduce a digital pound. In this next stage of detailed policy and technical work, including the development of a technical blueprint for the chosen model of the digital pound, we will work closely with private sector partners on proofs of concept, experimentation as well as on the development of the blueprint itself. The work over the next two to three years will inform that decision and will reduce the lead time to launch should the decision at the end of this stage be to implement the digital pound in the UK, which could then be introduced in the second half of the decade. This stage will take around two to three years following which a decision will be made whether or not to proceed to the next stage and implement a digital pound in the UK. However, in view of the likely need and the lead time to introduction, the Bank and The Treasury, will now proceed to the next stage of detailed policy and technical development of the digital pound - including the development of a technical blueprint. The Taskforce’s conclusion is that we are not yet at a point where a firm decision can be made to implement a digital pound. It would, as many in this audience know, have major implications for the way we transact with each other and, more broadly, for the financial sector and the economy in general. This would be a new, digital form of money, issued by the Bank of England for use by households and businesses for everyday payments.Ī digital pound would be a very substantial financial infrastructure project that would take several years to complete. Our assessment is that on current trends it is likely that a retail, general purpose digital central bank currency - a digital pound - will be needed in the UK. So I am grateful for the opportunity today to set out some of the thinking behind the report and the next steps we propose.įirst, however, I should set out the headline conclusions of the Taskforce. ![]()
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