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Cryptocurrencies

Treasury written question – answered on 26th June 2020.

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Photo of Mark Pritchard Mark Pritchard Conservative, The Wrekin

To ask the Chancellor of the Exchequer, if he will make an economic assessment of the potential merits of establishing a UK digital currency reserve bank.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The government set out at Budget that the UK will continue to take a leading role in exploring central bank digital currencies (CBDCs), and the wide-ranging opportunities and challenges they could bring.

The Bank of England’s discussion paper on a possible UK central bank digital currency was published at the time of the Budget and closed for responses on 12 June.

HM Treasury and the Bank of England are now working together to consider next steps.

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