A digital pound raises many public policy issues and the government has to “get them right,” Griffith stated.
He addressed concerns that a state-backed coin could erode privacy, insisting that its design would not allow the authorities to track individual transactions beyond measures targeting crime like money laundering.
Griffith further elaborated that the first use case for a central bank digital currency (CBDC) issued by the Bank of England would likely be in wholesale settlements but admitted that a privately issued, fiat-backed stablecoin “would probably get there first.”
“I want to see us establish a regime, and this is within the FSMB, for the wholesale use for payment purposes of stablecoins,” the minister added referring to the Financial Services and Markets Bill, which is currently being debated in the British Parliament.
UK May Adopt Broader Crypto Regulations Than the EU
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