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Title: Bank of England Advances Design Phase of ‘Digital Pound’ CBDC
The Bank of England (BOE) has reportedly made significant progress in the design phase of its central bank-issued digital currency, dubbed the “Digital Pound” or CBDC. According to recent updates, the BOE is set to further develop and refine the concept before moving on to the testing stage.
As previously announced, the Digital Pound aims to provide a faster, more secure, and more efficient payment system for citizens of the United Kingdom. The project’s primary goal is to enhance financial inclusion, streamline cross-border transactions, and promote economic growth.
The development phase is expected to be completed within the next year or two, after which the BOE will begin piloting the Digital Pound with select partners. These pilot programs will assess the CBDC’s performance under various conditions, allowing policymakers to refine the design and make any necessary adjustments.
This advancement in the design phase brings the Digital Pound closer to becoming a reality, sparking both excitement and concern among cryptocurrency enthusiasts.
Source: cryptoslate.com
