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Bank of England Says Digital Pounds Unlikely to Work Like Cash

July 6, 2022, 2:24 PM

The Bank of England is unlikely to offer a digital form of the pound that works like banknotes, opting instead for an instrument managed through some sort of account.

Deputy Governor Jon Cunliffe, who is overseeing the BOE’s work on central bank digital currencies, said policy makers are thinking about how to make the pound work better for consumers in online transactions.

However, the new form of currency is unlikely to be a “bearer” instrument like banknotes, where no information is recorder about the holder. That reflects concerns that new digital pounds could be used in crime and money laundering. ...