Government to consider 'digital pound'

The government is reportedly exploring the launch of a digital pound.

According to a report by the BBC, the economic secretary to the Treasury said that the government plans to launch a new public consultation on a national cryptocurrency over the next few weeks.

Andrew Griffith MP told the Treasury Select Committee that the UK is committed to become a worldwide “crypto hub”.

He said that the government has come a long way to develop a system for the wholesale use of stablecoins for payments.

“"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, according to the report.

He continued: "It is right to look to seek to embrace potentially disruptive technologies, particularly when we have such a strong FinTech and financial sector."

The announcement comes after US regulators urged banks to be cautious following the collapse of crypto exchange FTX.

The Federal Reserve, Federal Deposit Insurance Corp (FDIC) and the Office of the Comptroller of the Currency (OCC) issued their first joint statement on crypto last week, in which the regulators highlight risks of fraud, legal uncertainty and misleading disclosures by crypto firms as reasons for banks to be more cautious.

    Share Story:

Recent Stories


Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.

Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.

Click here to read the 2023 State of the Phish report from Proofpoint.

Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.

Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.