The Bank of England is moving from research to design on a potential “digital pound”, as it views the launch of a retail central bank digital currency (CBDC) as increasingly likely.

“As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow,” said governor Andrew Bailey.

The BoE said it was now “likely” that a digital pound would be issued, in a significant departure from its previous, more cautious, language.

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