Following a recent consultation response on Thursday, the UK government stated that it will make sure that any future legislation pertaining to a digital pound will safeguard people’s right to privacy and control over their money.
The government’s finance ministry and the Bank of England carried out a consultation that ended in June about a central bank digital currency (CBDC). More than 50,000 people responded to it. Money control and privacy were two of the main issues raised during the consultation.
Nigeria and the Bahamas were two of the first nations to issue CBDCs as nations investigated the potential benefits of the certificates. Significant economies, such as China and the European Union, are also doing research or experiments.