Treasury Committee warns UK digital pound could put financial stability and privacy at risk

BoE urged to ‘proceed with caution’

MPs have warned the Bank of England that a digital currency could present risks to financial stability and personal privacy.

The Treasury Committee has argued that the benefits of the new asset promoted by the central bank did not outweigh their concerns of overall confidentiality and financial risks. The BoE's deputy governor for financial stability Jon Cunliffe said last week (27 November), that a digital pound would likely be needed by 2030. Cunliffe argued a digital currency would help the UK to keep up with other countries developments' around traditional currency alternatives and maintain the public's confidence in money generally. BoE's Jon Cunliffe: Digital pound likely needed by 'end o...