BoE Says Digital GBP Does Not Need a Blockchain

The UK authorities have been questioning the need for the development of a digital pound since April 2021, when the Central Bank and Finance Ministry created a joint working group to explore the potential of issuing a CBDC.

Tom Mutton, the head of the CBDC project, also reported that the Bank of England is currently assessing various options for digital pound, including public blockchains, though it is uncertain whether the technology would provide more efficiency than traditional software.

The BoE hopes that digital pound will be issued without its branding, allowing third party wallets to be used by the consumers.

In February 2023, UK Treasury Secretary Jeremy Hunt declared that the first Britcoin might be launched no sooner than 2025.

Additionally, Bank of England Digital Director Katie Fortune recently acknowledged the presence of a variety of kinds of money, such as conventional currencies, crypto-assets and stablecoins.