UK to outline steps for government-controlled digital currency by the end of the year

(by Tom Parker | Reclaim The Net) – The United Kingdom (UK) will release a consultative report containing the next proposed steps for its potential government-controlled central bank digital currency (CBDC) by the end of 2022.

The report will be issued by the Bank of England, a UK government-owned central bank, and the UK Treasury, the government branch that develops and implements financial and economic policy.

The release of the report was announced by Sir Jon Cunliffe, the Bank of England’s Deputy Governor of Financial Stability, during a recent speech titled “Reflections on DeFi, digital currencies and regulation.”

The speech was light on specifics but indicated that the Bank of England and other UK government entities plan to impose more restrictions on cryptocurrencies as they move forward with their work on a government-controlled digital pound.

During the speech, Cunliffe noted that the Bank of England is “actively exploring the issuance of a digitally native Pound sterling” and cited the recent collapse of the cryptocurrency exchange FTX as one of his justifications for the introduction of stricter cryptocurrency rules. Read Full Article