UEL responds to Digital Pound Consultation

The digital pound would be a new form of sterling, similar to a digital banknote, issued by the Bank of England. It would be used by households and businesses for their everyday payment needs. It would be used in-store, online and to make payments to family and friends. If introduced, it would exist alongside, and be easily exchangeable with, cash and bank deposits.

During this consultation, which ran from 7 February 2023 to 30 June 2023, HM Treasury and the Bank of England engaged extensively with stakeholders across the UK to seek views on the proposed model of the digital pound set out. Responses to this consultation were invited from all interested members of the public, experts, and organisations.

Dr Iwa Salami, Director of the FinTech Centre said:

90 per cent of central banks across the world are exploring a central bank digital currency. These countries are at different stages of this journey. We are delighted that research conducted at the Centre has featured in the discussions around central bank digital currencies at international conferences.

We are also thrilled that the Centre responded to the Bank of England and H M Treasury Public Consultation on the Digital Pound. The Centre of FinTech’s response to the Bank of England public consultation was preceded by the Digital Pound debate which took place on 25 April 2023 and which was co-organised by the Centre of FinTech and the Frontiers Technology Association.”

Please see the Centre’s response to the Public Consultation. UEL offers several courses on FinTech including the LLM FinTech Law and courses with FinTech pathways including accounting and finance.