The Bank of England (BoE) on Tuesday announced that a decision on whether to implement a digital pound will not be made until 2027.
In a recent update on its exploration of the concept, the UK’s central bank outlined plans to complete its design phase over the next two years before deciding whether to move forward.
The BoE emphasized that the decision would involve careful consideration of developments in the payments landscape and broader policy implications.
“After completing the design phase over the next couple of years, including taking account of developments in the wider payments landscape, the Bank and Government will assess the policy case for a digital pound and determine whether or not to proceed,” a bank statement said.
If the digital pound is introduced, it will require approval from parliament, it added.
The bank also sought to allay concerns about privacy, affirming that neither the BoE nor the government would have the capability to monitor individual spending habits.
