British financial services minister Andrew Griffith said on Wednesday that it was just a matter of time for the United Kingdom to introduce a digital version of the pound sterling.
The Bank of England and the British Finance Ministry opened public consultations on digital sterling in February, preparing for a launch expected in the second part of the decade. "We would not commit the time to the consultation if we didn't think we are getting closer, we are not there today, but we are getting closer to the point that if becomes a when and not and if," Griffith said in a speech delivered at the OMFIF think tank.
While countries such as China and India already introduced so-called central-bank digital currencies (CBDCs), Western economies are still considering the necessity of this measure and are yet to publish draft legislation that would allow their creation.
