HM Treasury and the Bank of England have announced the next steps on the exploration of a UK Central Bank Digital Currency (CBDC) with plans to launch a consultation in 2022. CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses for their everyday payments needs, and exist alongside cash and bank deposits, rather than replacing them. The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. With the development and adoption of digital currencies and assets Plenitude is assisting a number of firms to understand their financial crime regulatory obligations and the associated financial crime risks.
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