The UK plans to impose a cap of between £10,000 to £20,000 ($12,017 to $24,033) for initial digital wallet holdings as it pushes forward with plans to introduce a Central Bank Digital Currency (CBDC), according to a Bank of England (BOE) official. 

According to a Bloomberg report published on Feb. 8, the BOE plans to introduce a CBDC as early as 2030.

But efforts are underway to mitigate the effects this would have on the coffers of traditional UK banks. 

The BOE is currently undergoing a consultation process until June regarding the adoption of the CBDC, referred to by industry and media as “Britcoin.”