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UK Lobby Groups and Crypto Companies Support Digital Pound, but Call for Interoperability with Crypto for Future-Proofing

June 22 (Cointime) - Lobby groups and crypto companies in the UK generally support the government's plans for a digital pound, but some suggest it should be interoperable with crypto to be future-proof.

The Bank of England would provide infrastructure for the central bank digital currency, while private companies would integrate and provide wallets to connect to other services.

Privacy concerns have been raised, with some stakeholders urging caution and emphasizing the need for privacy protection. The decision on the issuance of a digital pound is not expected until at least 2025, and ensuring public trust and understanding will be crucial for its success.

Stakeholders suggest a token-based solution that is fit for the future, which could potentially allow for real-time and low-cost cross-border transactions directly from users' digital wallets, reducing transaction fees and eliminating intermediaries.

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