The Bank of England and Britain's finance ministry think that the UK is likely to need to create a central bank digital currency later this decade, the Telegraph newspaper reported on Saturday, citing an unreleased government report.
"On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future," the Telegraph quoted Bank of England Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.
"It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified," the Telegraph quoted the report saying.Reporting by David Milliken; Editing by Alexander Smith
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