BOE to Limit How Much U.K. Digital Currency Can Be Held Initially
26 January 2024 - 12:03AM
Dow Jones News
By Miriam Mukuru
The Bank of England will restrict how much U.K. digital currency
an individual or a business could hold at the initial stages after
its introduction, the BOE said in a press release.
Work on the feasibility and possible design of the digital pound
is continuing and no final decision has been made to pursue a
digital currency, the bank said.
"[A digital pound] would be intended for payments made online,
in-store, and between individuals, rather than for savings, and it
would not pay interest," it said.
Work on the digital currency is likely to strengthen the U.K.'s
competitiveness in the global financial sector, the BOE said.
Write to Miriam Mukuru at miriam.mukuru@wsj.com
(END) Dow Jones Newswires
January 25, 2024 07:48 ET (12:48 GMT)
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