Central Bank Digital Currencies

Treasury written question – answered on 13 November 2023.

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Photo of David Davis David Davis Conservative, Haltemprice and Howden

To ask the Chancellor of the Exchequer, what assessment he has made of the potential impact of a UK central bank digital currency on the right to privacy.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury, Minister of State (Department for Science, Innovation and Technology)

Individuals’ privacy, user control and the proper use of data in line with UK data protection laws are of paramount importance to the design of any digital currency.

A digital pound would be subject to rigorous standards of privacy and data protection. Neither the Government nor the Bank of England would have access to personal data, nor be able to see how consumers use their money.

The Government has committed to bring forward legislation in Parliament prior to any Digital Pound being introduced.

The Government and Bank of England consulted on these privacy features of the potential digital pound over February-June 2023, and are currently reviewing the feedback received. A consultation response will be published in due course.

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