Bank of England Says Central Bank Digital Currency Will ‘Likely’ Be Needed in the Future

A general view of the Bank of England, in London, on Nov. 11, 2022. Dan Kitwood/Getty Images

British MPs have raised concerns after the Treasury and the Bank of England announced plans for a consultation to launch a state-backed digital pound this decade.

On Tuesday in a statement, the Bank of England and HM Treasury said that “the way we use money is changing” and that a decision on whether to introduce a digital pound is due to be made by 2025.