McDermott Comment | UK launches taskforce for potential Bank of England digital currency

Overview


Arvin Abraham, fintech attorney at law firm McDermott Will & Emery, said:

“This announcement showcases the UK’s commitment to solidifying its place as one of, if not the, leading countries for fintech innovation and demonstrates that the UK government is serious about pursuing the recommendations made in the Kalifa Review. A push into Central Bank Digital Currencies (CBDCs) would keep the UK competitive with other nations exploring this concept, including China, India and the US, to name a few. In a time where traditional fiat-currency looks to be increasingly displaced by digital assets, CBDCs are a necessary innovation for governments looking to keep their currency relevant.”