UK will need new laws to accommodate future digital pound, lawyers say

05/22 10:50

According to CoinDesk, the U.K. will need to introduce new laws or amend existing finance and data rules to accommodate a digital pound, two lawyers told CoinDesk. The Bank of England and the U.K. Treasury are seeking public feedback on their plans for the design of a digital pound – something officials say is likely to be needed in the future. Although the government is unlikely to make a decision on issuing one for at least the next couple of years, should the country decide to have a central bank digital currency (CBDC), new legislation will be needed to lay out the characteristics of a digital pound and current data, privacy and anti-money laundering rules should be amended to accommodate such a currency, two lawyers told CoinDesk.

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