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New UK Prime Minister Rishi Sunak is a vocal supporter of exploring CBDCs

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Today, Rishi Sunak, who has been the most vocal member of the British government to voice support for CBDCs, took office as the new UK Prime Minister.

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Earlier this year, while serving as the Chancellor of the Exchequer, Sunak announced a joint task force of the Treasury and Bank of England to explore a CBDC.

Sunak said “The G7 is launching a set of policy principles for retail, Central Bank Digital Currencies, CBDCs.” Other members of G7 are the US, France, Italy, Germany, Canada, and Japan.

“Central Bank Digital Currencies could be a digital version of money, a bit like a digital banknote that could be used alongside physical notes and coins,” he added.

Sunak said that central banks and governments will collaborate in exploring a digital currency issued by a central bank. Among the things to consider will be safety and secure transactions, and providing a way for people to transact that is available to all and energy efficient.

He stressed on the importance of exploring CBDCs.

“The decision on whether to launch a Central Bank Digital Currency is for each country to make, and no G7 jurisdiction has yet made that choice,” Sunak said. “These decisions raise important questions about the reshaping of our economy…We’re excited to be taking a leading role with G7 members in publishing this exploratory work, bringing money and finance into the 21st century.”

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