Bank of England plans ‘Digital Pound Lab’ for ‘hands-on’ CBDC experimentation

The Bank of England (BoE) is creating a ‘Digital Pound Lab’ to enable ‘hands-on experimentation’ as part of its ongoing preparation for a potential UK central bank digital currency (CBDC).

The central bank and HM Treasury (HMT) are currently in a ‘design phase’ for a potential digital pound during which they aim to establish a ‘clear proposition’ for a CBDC. It would only be introduced with Parliament’s approval and would need primary legislation.