Bank of England considers introduction of digital currency

This would be an electronic form of central bank money that could be used by households and businesses to make payments, alongside cash and money held in bank accounts. The new form of money would not replace paper banknotes and physical cash but would run alongside it.

If such a currency were to be introduced in the UK, it could be denominated in pounds sterling, just like banknotes, so GBP 10 of the digital currency would always be worth the same as a GBP 10 note. The Bank is inviting feedback to its discussion paper by 12 June 2020. It wants to hear from the public, technology providers, the payments industry, financial institutions, academics, other central banks and public authorities.