The United Kingdom’s Treasury and the Bank of England have confirmed plans to launch a “digital pound” by 2028. The digital version of sterling will operate alongside physical cash, allowing citizens and businesses to make secure online payments directly with central bank money. Officials say the initiative will strengthen financial inclusion and support the modern economy in a rapidly digitising world.
The Bank of England will begin public trials by 2026, focusing on privacy protection and cybersecurity. Finance Minister Rachel Reeves said, “The digital pound will ensure the UK remains competitive in the global financial system.” However, critics warn that full government-backed digital currencies could raise surveillance and data privacy concerns.
India’s own digital rupee initiative, launched in 2023, has been cited as a successful example in official discussions. Experts believe such cooperation between countries could pave the way for cross-border digital payment systems in the near future.