UK Plans £20,000 Limit for Individual Holdings of Digital Pounds

The UK will probably impose a limit of £10,000 to £20,000 ($12,017 to $24,033) for holdings of a new digital currency once it comes into existence, a Bank of England official said.

The central bank and Treasury stepped up work on how to issue the pound in a digital form as early as the end of this decade. But the government will impose a cap on how much of the currency people can hold to prevent money draining out of traditional bank accounts.

The measures are subject to a consultation until June about how the UK could adopt a central ...