The Treasury of the United Kingdom Considers the Digital Pound Plan

Several proposals are being considered by the government, including the introduction of a “digital pound,” according to the Treasury’s economic secretary. 

According to Andrew Griffith, the UK intends to become a world leader in the cryptocurrency industry. 

There was a long way to go before the government would establish a system allowing stablecoins to be used wholesale for payment.  

As the name implies, stablecoins are designed so that their value is predicted over the long term based on assets such as gold or other traditional currencies. 

Rather than replacing cash and bank deposits, this currency is intended to sit alongside them for use by households and businesses. 

In a recent statement, Mr. Griffith told the Treasury Select Committee that he would launch a public consultation in the next few weeks. This consultation would cover the attributes of a digital pound. 

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