While the UK government and Bank of England are pushing forward their exploration of a retail digital pound, work on a wholesale solution is also a priority — and a far more certain one.

“The question is not should we try and exploit the new technologies for wholesale. We should, and we’re looking at how to do that [...] and what’s the quickest way,” Bank of England Deputy Governor Jon Cunliffe told the Treasury Committee on Tuesday.

When it comes to a retail solution, the government will only make a decision on whether to implement a central bank digital currency around 2025, with the potential to launch it further down the line. However, Cunliffe said that “it's more likely than not" that the digital pound will move forward as the central bank looks to fill the gap as the use of physical cash declines.