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<p>The Government and the Bank of England have not yet made a decision on whether
to introduce a central bank digital currency (CBDC) in the UK, and will engage widely
with stakeholders on the benefits, risks and practicalities of doing so.</p><p> </p><p>Maintaining
user safety and privacy is an utmost priority as the Government and the Bank appraises
the case for a CBDC in the UK.</p><p> </p><p>The Government’s commitment to ensuring
any CBDCs operate within appropriate privacy frameworks was set out in the G7’s public
policy principles for CBDC, as part of the UK’s G7 Presidency. These principles set
out rigorous standards of privacy, accountability for the protection of users’ data,
and transparency on how information will be secured and used is essential for any
CBDC to command trust and confidence.</p><p> </p><p>Earlier this month, the Government
committed to public consultation with the Bank of England in 2022 setting out an assessment
of the case for a UK CBDC, including the merits of further work to develop an operational
and technology model for a UK CBDC.</p>
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