The Bank of England (the Bank) has thanked the House of Lords Economic Affairs Committee for its report on the Central Bank Digital Currency and in a letter addressed to the House of Lords, the Bank addresses the recommendations made by the Committee.
Although the Bank has not yet made a decision on whether a central bank digital currency should be introduced in the UK, the Bank has confirmed it will, in collaboration with HM Treasury, publish a Consultation Paper later in the year after they have researched and explored the case for such a currency which would entail a major infrastructure project.