Skip to main content

28 February 2023 - Treasury Committee - Oral evidence session

Committee Treasury Committee
Inquiry The crypto-asset industry

Tuesday 28 February 2023

Start times: 10:05am (private) 10:15am (public)

Add to calendar

MPs ask Bank of England: what is the purpose of a digital pound?

The Treasury Committee hears from the Deputy Governor for financial stability at the Bank of England, Sir Jon Cunliffe as it continues its inquiry into the crypto-asset industry.

Meeting details

At 10:15am: Oral evidence
Inquiry The crypto-asset industry
Deputy Governor for Financial Stability at Bank of England
Executive Director, Financial Market Infrastructure at Bank of England
Executive Director, Financial Stability Strategy and Risk at Bank of England

A key area of focus will be around the purpose of a UK Central Bank Digital Currency – which the Bank and Treasury call a ‘digital pound’.

A recent consultation from the Treasury and the Bank states that a digital pound will likely be needed in the future, and would be designed for everyday payments by households and businesses, akin to a ‘digital banknote’.

MPs are likely to use the session to explore whether the UK needs a digital pound, issues around consumer privacy, financial inclusion and how best to tackle potential new forms of fraud that could arise were a digital pound introduced.

The Deputy Governor is also likely to be asked whether a digital pound might accelerate the demise of physical cash. Other points for scrutiny include the financial and monetary stability risks and implications of a digital pound’s introduction.


The Grimond Room, Portcullis House

How to attend