KPMG comments on the Bank of England’s consultation for a UK central bank digital currency

In response to HM Treasury and the Bank of England’s joint consultation on the case for a UK central bank digital currency, Kate Dawson, sector lead of capital markets at KPMG UK’s Regulatory Insight Centre, said; “This consultation is not a solution looking for a problem. The government and the Bank has seen the pace of innovation in the payments sector over the last few years and wants to keep up. It’s a sensible approach to keep the UK at the forefront of technological change without committing yet to the substantial investment that would be needed to roll out a digital pound.

“There was a real risk that if the government hadn’t launched this consultation and ignored the potential of innovation, including blockchain technology, the UK payments sector would have been left behind. The private sector will be keen to respond to the interaction between the Bank of England, the regulated digital wallet providers, and retail clients."

ENDS

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Gerard Swinley

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About KPMG UK

KPMG LLP, a UK limited liability partnership, operates from 20 offices across the UK with approximately 17,000 partners and staff. The UK firm recorded a revenue of £2.72 billion in the year ended 30 September 2022.  

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 143 countries and territories with more than 265,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.