Treasury and Bank of England ‘consider next steps’ on possible cryptocurrency reserve

Written by Sam Trendall on 29 June 2020 in News
News

Minister claims government wants UK financial institutions to lead on the use of digital currencies

Credit: Pixabay

HM Treasury and the Bank of England are mulling the possibility of establishing a national central reserve of cryptocurrencies.

According to John Glen, the economic secretary to the Treasury, the government is determined “that the UK will continue to take a leading role in exploring central bank digital currencies, and the wide-ranging opportunities and challenges they could bring”.


Related content​


Concurrent with the budget earlier this year, the Bank of England published a discussion paper on the issues and invited public responses.

The consultation has now closed and the central financial institution will now begin engaging with government to assess whether and how to press ahead with plans for a cryptocurrency reserve.

“HM Treasury and the Bank of England are now working together to consider next steps,” Glen said, in answer to a written parliamentary question from fellow Conservative MP Mark Pritchard.

Bitcoin is the best known and most popular cryptocurrency and one bitcoin is currently trading at about £7,350. Other prominent digital currencies include Ethereum, Litecoin, Ripple, and ADA. 

 

About the author

Sam Trendall is editor of PublicTechnology

Share this page

Tags

Categories

CONTRIBUTIONS FROM READERS

Please login to post a comment or register for a free account.

Related Articles

CCS claims £1bn savings for public sector in FY20
17 July 2020

Annual accounts show uplift in framework usage across both central government and the wider public sector

Downing St assembles data science A-team
14 July 2020

Dominic Cummings’ ambitions realised as prime minister’s office seeks to recruit crack squad of data scientists for No. 10 skunkworks

Cyber national security: how the UK has prepared itself for major attacks
6 July 2020

We are approaching the fourth anniversary of the foundation of the NCSC and the threats it was created to respond to loom larger than ever. PublicTechnology examines the growth of the UK’...