Bank of England exploring the creation of a digital pound, says Rishi Sunak

Britain's Chancellor of the Exchequer Rishi Sunak announced on Monday the launch of a new taskforce for a potential Bank of England central bank digital currency and other measures to promote international share-trading.

Speaking at Innovate Finance Global Summit, Sunak noted that the Bank of England has published a new account policy, allowing new and innovative financial market infrastructure propositions.

On the issue of a central bank digital currency, the Bank of England has set up a dedicated CBDC unit overseen by deputy governor Jon Cunliffe, to explore the creation of a digital pound, and set up two stakeholder forums on CBDC engagement and technology.

"We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency," Sunak told a financial industry conference.

"Alongside this we will set up a new financial market infrastructure 'sandbox' for firms innovating with technologies like distributed ledger technologies," he added.

Sunak also said the government would consult on capital market reforms such as easing curbs on share trading, while ensuring "the highest possible regulatory standards".

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