The Bank of England's head of strategy William Lovell said a Digital Pound offers a form of digital money with less risk from bank failures.
was set up in 2021 to promote a UK CBDC. The Payments Association is a membership community of payments professionals.Lovell emphasized the UK’s focus on creating a CBDC for retail payments, designed for ordinary people for everyday spending. It would be a “digital equivalent of a banknote,” he said. “Ten pounds of CBDC will be like a ten-pound note.“ As we're seeing the use of cash declining in the UK, we think it's really important to give people that option.
Instead, the central bank wants to run the underlying ledger, leaving banks and technology companies to handle Know Your Customer and Anti-Money Laundering checks while running front-end services connected to the Digital Pound. Banks are likely to become PISPs but also technology companies because “the PISPs aren't exposed to the deposit-taking and the credit risks that an ordinary bank might be. So it actually opens up a broader spectrum of people who might become involved in this ecosystem,” he added.
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