Launch of Digital Pound Must Not Be Considered Inevitable: Treasury Committee Warns

The committee’s report said the extend of a CBDC’s potential benefit is unclear while there are risks of financial instability and privacy and data breach.

A general view of the Bank of England in London on Sept. 21, 2023. Aaron Chown/PA Wire

While research should continue, the launch of a digital pound must not be considered inevitable, the Treasury Committee of Parliament warned on Saturday.

The committee published its first report on creating a UK Central Bank Digital Currency (CBDC), saying it’s likely to be costly and it’s still not clear whether the benefits are likely to outweigh the risks.