The Bank of England (BoE) alongside several other initiatives is considering the launch of a Central Bank Digital Currency (CBDC).
This is due to the unexpected fall in fiat currency usage. With many blaming the fall on the Coronavirus epidemic. According to a discussion paper by BoE, the bank isn’t the only one considering a digital currency launch. Countries like China are on the brink of a CBDC launch. While the Bank of International Settlement, Bank of Canada, the European Central Bank, the Swiss National Bank, Bank of Japan and Sveriges Riksbank are all looking into the feasibility of a CBDClaunchh. As the UK has experienced a huge drop in fiat usage, especially for general transactions.