‘E-pound’ explored

THE Government will set up a new taskforce to explore whether the UK should have its own digital currency, one of a series of possible reforms designed to benefit the financial technology sector.

The Bank of England and the Treasury will jointly explore the objectives of establishing a central bank digital currency, and explore the risks as well as the benefits. It is a step along the path of creating an e-pound. However, authorities said they are still committed to supplying cash to those who need it.