UK Government Ensures Privacy Protections in Future Digital Pound Legislation

According to CoinDesk, the UK government has announced that future legislation for a digital pound will include privacy protections and control of money. This statement was made in response to a consultation on a central bank digital currency (CBDC) conducted by the government's finance ministry and the Bank of England, which concluded in June and received over 50,000 responses. Privacy and control of money were the main concerns raised during the consultation. Countries worldwide are exploring the benefits of CBDCs, with Nigeria and the Bahamas being among the first to issue them. Major economies such as the European Union and China are also conducting investigations or tests on CBDCs.