bitcoin

Lower chamber of UK’s Parliament Not Convinced About CBDC

The second chamber of the UK’s House of Lords says there is “no convincing case” for the country to create its central bank digital currency, otherwise known as a CBDC.

“While a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy,” a parliamentary committee concluded on the issue.

RELATED: India inaugurates Fintech Dept. within its Central Bank to curb Crypto and CBDC threats

CBDC

In September last year, an Economic Affairs Committee at the upper chamber opened an inquiry, seeking to investigate how the introduction of a CBDC will affect the country’s apex bank and the financial industry at large. In line with this inquiry, the Bank of England will carry out broad consultation in close collaboration with the Treasury Department to explore the conditions around launching a CBDC.

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