Beautiful Virgin Islands

Monday, Apr 21, 2025

Britons face 20,000 digital pound cap under Bank of England plan

Britons face 20,000 digital pound cap under Bank of England plan

Britons would be limited to 20,000 digital pounds ($24,000) each if the country goes ahead with a digital currency, Bank of England Deputy Governor Jon Cunliffe said on Tuesday.
Britain's government said on Monday that it and the BoE were pressing on with work on a possible digital pound that was likely to enter circulation in the second half of this decade and be held in a "wallet" provided by banks, although no final decision has been made.

"We propose a limit of between 10,000 pounds and 20,000 pounds per individual as the appropriate balance between managing risks and supporting wide usability of the digital pound," Cunliffe said in a speech.

A limit of 10,000 pounds would mean that three quarters of people could receive their pay in digital pounds as well as holding pre-existing balances in the same account, while a 20,000 pound limit would allow almost everyone to use digital pounds for day-to-day transactions, Cunliffe said.

Money above the cap would be "swept" into a customer's commercial bank account given that a digital pound would not be a means for storing wealth, he told members of UK Finance, a banking industry body.

"At the other end, you could say I need a little wallet full of internet cash to buy things on Amazon," Cunliffe added.

Central banks across the world are studying digital currencies, with the European Union due to publish a draft law in May setting out a legal framework for a potential digital euro.

The law would need to be approved by EU states and the European Parliament, although it will be the European Central Bank that decides this autumn on whether to proceed with a digital euro.

Burkhard Balz, executive board member of Germany's Bundesbank, told a conference on Tuesday that a key aspect to be decided is whether a digital euro would have legal tender status, meaning it could be used to settle a debt in court.

Cunliffe said a digital pound would have the same legal status as cash.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Prince Andrew Joins Royal Family Attends Easter Sunday Service at Windsor Castle
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Here’s a police officer with a brilliant gift for swift education
"Some complain that we put thousands in prison. In reality, we set millions free."
This is Vienna, Austria in 2025.
Boeing Jet Returns to US from China Amid Tariff War
Canadian Federal Election: Candidates' Positions on US-Canada Relations and Donald Trump
Resentencing Hearing for Menendez Brothers Who Killed Their Parents Delayed Amid Legal Disputes
Australian Woman Gives Birth To Stranger's Baby In IVF Mix-up
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
California Launches Legal Challenge Against Trump Administration's Tariffs
"Groundless": China Dismisses Zelensky's Claims It's Supplying Arms To Russia
UK Psytrance Festival Cancelled Amid Local Protests Over Noise Concerns
French Far-Right Writer Renaud Camus Denied Entry to UK
UK Police Force Updates Search Policy for Trans Individuals in Custody
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
Canada's Federal Party Leaders Engage in Final Debate Ahead of General Election
Ukraine and US Sign Outline of Minerals Deal
Fast Food Chain Refuses to Apologize for Online Comment About Katy Perry's Space Voyage
New York Attorney General Letitia James Faces Criminal Referral for Alleged Mortgage Fraud
Mark Cuban admits support for Trump executive order: ‘Gotta be honest’
US Senator Meets with Deported Immigrant in El Salvador Amid Custody Dispute
U.S. State Department Raises El Salvador’s Safety Ranking, Making It Safer Than France and Other European Nations
UK Government Assumes Control of British Steel's Scunthorpe Plant Amid Shutdown Threat
UK MP Wera Hobhouse Denied Entry to Hong Kong During Family Visit
Bangladesh Issues Arrest Warrant for UK MP Tulip Siddiq
China Urges United States to Cancel Tariffs Amid Escalating Trade Tensions
The Empire’s USD Pyramid Scheme Is Working Brilliantly—So Why ‘Fix’ It?
China Raises Tariffs on U.S. Goods to 125% Amid Escalating Trade Dispute
Elon Musk Reports $150 Billion in Projected Government Savings Amid Fraud Investigations
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
U.S. Tariff Escalation Sparks Global Trade Tensions
Helicopter crashes in NYC with four people on board.
Australia Dismisses China's Suggestion to Collaborate Against US Tariffs
EU Postpones Response to US Tariffs
The Trump Administration is contemplating removing Chinese companies from U.S. stock exchanges.
Violent Incidents and Public Safety Concerns Escalate in London and County Durham
UK MP Arrested on Suspicion of Rape and Child Sex Offences
UK Gears Up to Respond to US Tariffs with Industrial Strategies and Trade Initiatives
‘Rocky’ star Dolph Lundgren and his wife Emma Krokdal bask in the Miami sunshine following the actor’s lengthy health struggles.
Spain Encounters Countrywide Protests as Housing Crisis Intensifies
Alisha Lehmann's Modeling Campaign and Public Controversy Stir Debate Ahead of UEFA Women's Euro
U.S. Firms with Major International Revenue Exposure in Light of New Tariffs
President Trump Calls on the Federal Reserve to Reduce Interest Rates in Light of New Tariffs
President Trump Prolongs TikTok Sale Deadline by 75 Days
×