It is intended to supplement, not replace, cash in the United Kingdom.
[1] It would differ from a cryptocurrency or cryptoasset because it would be created and backed by the Bank of England and the Government of the United Kingdom, rather than by a company or anonymous person or group.
[1] A public consultation on the digital pound lasting four months was announced on 6 February 2023.
[2] In a March 2024 episode of BBC Radio 4's Money Box, Harriett Baldwin, chair of the UK Parliament's Treasury Select Committee, said a digital pound would not be introduced before 2030, and that people’s holdings would probably be limited to £10,000 as a way of avoiding the possibility of worsening any run on a bank; the European Union was considering a limit of 6,000 euros.
In reply to a consultation, the government had said it would not seek to control people’s use of a digital currency but did not say it would not look at the data to see how the money was moving around.