Lawyers say the U.K. will likely need to modify these laws to accommodate a digital pound designed and issued by the HMTreasury and bankofengland. camomileshumba reports
The U.K. will need to introduce new laws or amend existing finance and data rules to accommodate a digital pound, two lawyers told CoinDesk.
“There's no such thing in this country as a central bank digital currency, so they would need to create new legislation around what that would look like and that's part of the consultation process,” Louise Abbott, partner at U.K.-based Keystone Law, told CoinDesk in an interview. George Morris, partner at Simmons & Simmons echoed Abbott’s comments.
While the EU has chosen to create new regulatory regimes to address crypto assets or even a digital euro, the U.K. has so far tried to accomplish similar goals by extendingUK Crypto Rules Set a Modest Post-Brexit Divergence From the European Union
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