The Bank of England does not yet have the technical tools to deploy CBDC

The U.K. Central Bank announced that the digital pound will become part of the nation’s financial system. The regulator promises to make virtual currency transactions (CBDC) confidential and secure.
Central Bank deputy governor John Cunliffe spoke to the Kingdom’s Ministry of Finance this week and confirmed the regulator’s plans to create a digital currency pegged to the pound sterling.
According to the official, at this stage, the Bank of England does not have a sufficient set of technical tools to create CBDC. Therefore, it will not rush with the development and implementation of the token.

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