• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: New Pro-Crypto Plan Unveiled By SEC And CFTC: Could Traditional Markets Go 24/7?
Could The Digital Pound Be Non-Blockchain?

Britain Wants To Get Ahead In CBDC Race, Here’s How

Samuel Edyme
by Samuel Edyme
2 years ago
·
Posted in CBDC
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

With the rise of central Bank digital currency (CBDC) emerging and proving a notable use case, several central banks across the globe have been pressured into a race to work and experiment with developing their a central bank digital currency (CBDC). On Tuesday, Bank of England Deputy Governor Jon Cunliffe said Britain is competing in the CBDC race. 

This update comes months after the region announced its newly elected prime minister, Rishi Sunak, who is said to be a believer and supporter of the crypto industry. So far, Sunak has demonstrated more interest in stablecoins which has also played a massive role in Britain’s push for a digital pound. 

Britain Competes In CBDC Race

In a Tuesday financial stability report at the Bank of England, the Deputy Governor for this financial institution Jon Cunliffe was asked several questions about the upcoming Britain digital pound launch. When the Treasury Select Committee lawmakers questioned the delayed public consultation of the digital pound, Cunliffe assured the organization that Britain is not lagging and is working on its own CBDC. 

Cunliffe stated, “I don’t think we are behind other advanced economies.” Notably, the race for CBDC has heated ever since the private sector rushed launched and succeeded in capturing the public’s attention and adoption with stablecoins. 

According to leading financial industry officials, Britain’s digital pound would help the country improve and implement the latest payment advances and help London become a “competitive” global financial center. Cunliffe noted, “This could have huge benefits for the economy and the society.”

Related Reading: Bill Vs. CBDC – Why This US Congressman Wants To Block The Fed From Issuing A Digital Dollar

Digital Pound Consultation Delayed Due To “Disruptions”

Veering back to Britain’s digital pound CBDC public consultation expected to release last autumn, the lawmakers asked the deputy governor if a disagreement could be behind the delay. Cunliffe replied that there were no disagreements between the Bank and the finance ministry, but the consultation was delayed because of disruptions. 

After the mishandled budget by the government, which resulted in a plummet in the UK government bond price, the Bank intervened in the markets in September, disturbing its consultation plans.

When asked if the plans for the digital pound would proceed, Cunliffe replied, “It’s more likely than not.” Furthermore, the lawmakers asked the deputy governor about the CBDC launch race. Cunliffe said:

This is not about here is a particular thing that needs to be done, but about opening a new frontier for people to improve payments.

According to Cunliffe, there is a need to watch closely how technology trends and the economy develop over the next few years before considering whether a digital pound would be “technically feasible.”

Related Reading: Indian Retail Chain Enables CBDC Payments In Stores

Cunliffe added that the issue is to reassure many with confidence in a regulated digital currency so they would not “confuse the digital pound with the cryptocurrency Wild West ecosystem out there,” according to Reuters.

TOTAL Cryptocurrency Market Capitalization price chart on TradingView.com
TOTAL Cryptocurrency Market Capitalization price chart on TradingView.com

Speaking of cryptocurrencies, the global market cap has significantly moved since the beginning of the year. It sits at $1.1 trillion, up by nearly 10% from the $850 billion seen late last year. Crypto assets such as Bitcoin and Ethereum have increased more than 40% since the beginning of 2023.

Featured image from UnSplah, Chart from TradingView.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Samuel Edyme

Samuel Edyme

Follow

Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

Full Profile

Related Posts

Digital Yuan Goes Cross-Border

Digital Yuan Goes Cross-Border: Hong Kong Unveils e-CNY Wallets For Local Users

1 year ago
Donald Trump

Donald Trump Talked Out Of CBDC For The US? Ex Candidate Explains

1 year ago
Donald Trump CBDC Crypto

Donald Trump Wants To Ban CBDCs As US Presidential Race Heats Up

1 year ago
CBDC

CBDC: Hong Kong Explores Advance Use Cases In Its e-HKD Phase 2 After First Trial

1 year ago
Elizabeth Warren CBDC Hong Kong

Surprise: BIS Used Ethereum Testnet And Curve Finance’s Code In CBDC Pilot

1 year ago
CBDC

Anti-CBDC Bill Inches Closer To Approval With Strong Support From 60 Congress Members

1 year ago

Premium Sponsors

Press Releases

  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    1 hour ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 hours ago
  • miner

    Cardano (ADA) Market Outlook: Long-term Potential Passive...

    2 hours ago
  • etnminer

    How to Play to Earn Crypto in 2025: Discover 6 Most...

    7 hours ago
  • miner

    BAY Miner Cloud Mining App Launches with ETH and BTC Users...

    8 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.