The UK government is considering introducing a national cryptocurrency or “digital pound.”
UK’s economic secretary to the Treasury, Andrew Griffith disclosed this to members of parliaments, MPs.
Speaking on the plan introduction of the digital currency, Griffith stated “The UK was committed to becoming a world crypto hub.
“And the government was a long way down the road… to establish a regime for the wholesale use, for payment purposes, of stablecoins.”
A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee.
“I want to see us establish a regime, and this is within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins,” he said.
Central banks around the world are developing or exploring digital currencies.
