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UK Parliament’s House of Lords Launches CBDC Inquiry
The deadline for responses on a possible U.K. central bank digital currency is mid-October.
Updated May 11, 2023, 4:33 p.m. Published Sep 17, 2021, 3:24 p.m.
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The House of Lords Economic Affairs Committee has launched an inquiry into central bank digital currencies (CBDCs).
- The upper house of the U.K. parliament is inviting responses on issues surrounding how a CBDC might affect the role of the Bank of England, monetary policy and the financial sector.
- In a statement, Lord Michael Forsyth of Drumlean, the committee’s chairman, said the government and Bank of England must “carefully consider the implications of creating a new, state-backed, form of digital cash.”
- Among the many questions it posed, the committee is seeking thoughts on the main benefits and risks or CBDCs and traceability and privacy issues.
- The deadline for responses is Oct. 15.
- In April, the Bank of England and Treasury announced the launch of a task force to explore a potential CBDC.
Read more: Bank of England: Any UK CBDC Will Be ‘Tens of Thousands’ Times More Efficient Than Bitcoin
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