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The House of Lords in the United Kingdom has begun hearings on central bank digital currencies.

The House of Lords in the United Kingdom has launched an investigation on central bank digital currencies (CBDCs), requesting public testimony on whether such a technology should be used.

The Lords’ Economic Affairs Committee, the upper house of the United Kingdom’s parliament, is seeking public input on whether a digital pound should be adopted in the country, with the government and the Bank of England both said to be studying it.

Lord Forsyth of Drumlean, the committee’s head, said it was critical to study a wide range of topics to comprehend the ramifications of any eventual CBDC program fully.

He stated that new cryptocurrencies had sparked both excitement and alarm around the world. First, however, the government and the Bank of England must thoroughly consider the ramifications of developing a new, state-backed form of digital cash.

With ideas that would see the digital currency introduced for usage by businesses and consumers, the digital pound would join cash and bank account balances as a recognized form of money in the United Kingdom.

The Economic Affairs Committee will hear testimony on the benefits and drawbacks of CBDCs and the potential hazards of adopting a digital currency, especially as it relates to monetary policy, the function of the central bank, and broader economic issues.

Lord Forsyth has issued a request for witnesses from anyone having an opinion on CBDCs or how they may be implemented in the UK.

He said:

“To inform our work we want to hear from as broad a range of people as possible. If you have a view on any aspect of Central Bank Digital Currencies, look at our call for evidence and let us know what you think.”

The United Kingdom should explore experimenting with a central bank-backed digital currency due to positive signals from both the government and the Bank of England.

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