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Digital Pound
The Digital pound (also known as digital sterling or britcoin) is a proposed central bank digital currency from the Bank of England. It is intended to supplement, not replace, cash in the United Kingdom. The value of the digital pound would be the same as cash pound sterling so that £10 of digital pounds would have the same value as a banknote of £10. It would differ from a cryptocurrency or cryptoasset because it would be created and backed by the Bank of England and the Government of the United Kingdom, rather than by a company or anonymous person or group. A public consultation on the digital pound lasting four months was announced on 6 February 2023. A final decision on the implementation of a digital pound would be expected around 2025, with consumer usage expected in the late 2020s. In a March 2024 episode of BBC Radio 4's ''Money Box'', Harriett Baldwin, chair of the UK Parliament's Treasury Select Committee The House of Commons Treasury Committee (often referred to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Digital Currency
A central bank digital currency (CBDC; also called digital fiat currency or digital base money) is a digital currency issued by a central bank, rather than by a commercial bank. It is also a liability of the central bank, unless it is dividend-yielding, then it is an ownership stake in the central bank, and is a new form of legal tender, unlike cash like retail CBDC which is the digitization of sovereign currency, which applies to physical banknotes, coin, and existing wholesale CBDC reserves that are used in the reverse repo and repo market. The two primary categories of CBDCs are retail and wholesale. Retail CBDCs are designed for households and businesses to make payments for everyday transactions, whereas wholesale CBDCs are designed for financial institutions and operate similarly to central bank reserves. Retail CBDCs can be distributed through various models. In the intermediated model, the central bank issues the CBDC and manages core infrastructures, while financial ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank. The bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry. In 1998 it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with a mandate to support the economic policies of the government of the day, but independence in maintaining price stability. In the 21st century the bank took on increased responsibility for maintaining and monitoring financial stability in the UK, and it increasingly functions as a statutory Financial regulation, regulator. The bank's headquarters have been in London's main financial di ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash
In economics, cash is money in the physical form of currency, such as banknotes and coins. In book-keeping and financial accounting, cash is current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately (as in the case of money market accounts). Cash is seen either as a reserve for payments, in case of a structural or incidental negative cash flow or as a way to avoid a downturn on financial markets. Etymology The English word ''cash'' originally meant , and later came to have a secondary meaning . This secondary usage became the sole meaning in the 18th century. The word ''cash'' comes from the Middle French , which comes from the Old Italian , and ultimately from the Latin . History In Western Europe, after the fall of the Western Roman Empire, coins, silver jewelry and hacksilver (silver objects hacked into pieces) were for centuries the only form of money, until Venetian merchants started using silver bars for larg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of The Pound Sterling
The pound sterling (symbol: Pound sign, £; ISO 4217 currency code: GBP) is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bank of England has a legal monopoly of banknote issuance in England and Wales. Six other banks (Banknotes of Scotland, three in Scotland and Banknotes of Northern Ireland, three in Northern Ireland) also issue their own banknotes as provisioned by the Banking Act 2009, but the law requires that the issuing banks hold a sum of Bank of England note issues, Bank of England banknotes (or gold) equivalent to the total value of notes issued. Versions of the pound sterling issued by Crown dependencies and other areas are regulated by their local governments and not by the Bank of England. Four British Overseas Territories (Gibraltar, Saint Helena, Ascension Island and the Falkland Islands) also have currencies called pounds which ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptocurrency
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership records are stored in a digital ledger or blockchain, which is a computerized database that uses a consensus mechanism to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. The two most common consensus mechanisms are proof of work and proof of stake. Despite the name, which has come to describe many of the fungible blockchain tokens that have been created, cryptocurrencies are not considered to be currencies in the traditional sense, and varying legal treatments have been applied to them in various jurisdictions, including classification as commodities, securities, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice. The first cryptocu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cryptoasset
A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership records are stored in a digital ledger or blockchain, which is a computerized database that uses a consensus mechanism to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership. The two most common consensus mechanisms are proof of work and proof of stake. Despite the name, which has come to describe many of the fungible blockchain tokens that have been created, cryptocurrencies are not considered to be currencies in the traditional sense, and varying legal treatments have been applied to them in various jurisdictions, including classification as commodities, securities, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice. The first cryptocurrency wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Of The United Kingdom
His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.Overview of the UK system of government : Directgov – Government, citizens and rights Archived direct.gov.uk webpage. Retrieved on 29 August 2014. The government is led by the Prime Minister of the United Kingdom, prime minister (Keir Starmer since 5 July 2024) who appoints all the other British Government frontbench, ministers. The country has had a Labour Party (UK), Labour government since 2024 United Kingdom general election, 2024. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Consultation
Public consultation, public comment, or simply consultation, is a process by which members of the public are asked for input on public issues. This can occur in public meetings open to all (such as town hall meetings) in written form (such as in public comment or surveys), as well as in deliberative groups (such as citizens' assemblies or citizen juries). Surveys and deliberative groups can be conducted with self-selected citizens or with statistically representative samples of the population which enables the identification of majority opinion. Its main goals are to improve public involvement and influence, as well as the transparency and efficiency of government projects, laws, or regulations.Background Document on Public Consultation (from the |
Harriett Baldwin
Dame Harriett Mary Morison Baldwin (; born 2 May 1960), is a British Conservative Party (UK), Conservative Party politician who has served as Member of Parliament (United Kingdom), Member of Parliament (MP) for West Worcestershire since 2010 United Kingdom general election, 2010. She was Minister of State for Africa and International Development between January 2018 and July 2019, and served as Shadow Cabinet Minister for International Development, Shadow Minister for Development between July and November 2024. In 2022, Baldwin was elected Chair of the Treasury Select Committee. Prior to entering Parliament of the United Kingdom, parliament, Baldwin worked for the investment bank JPMorgan Chase. Early life and career Harriett Eggleston was born on 2 May 1960 in Watford to Anthony Francis Eggleston and Jane Morison Buxton. Her father was headmaster of Felsted School in Essex and previously headmaster of Campion School (Athens), Campion School in Athens. Her childhood was spent i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasury Select Committee
The House of Commons Treasury Committee (often referred to as the Treasury Select Committee) is a select committee of the House of Commons in the Parliament of the United Kingdom. The committee is responsible for examining and scrutinizing the expenditure, administration and policy of HM Treasury. This includes its agencies and associated bodies, including HM Revenue and Customs, the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority, and the Royal Mint. The current chair of the Treasury Select Committee is Dame Meg Hillier MP, from the Labour Party. The position of chair is considered influential, as the holder of the office can scrutinize figures including the Chancellor of the Exchequer, the Governor of the Bank of England, as well as bank executives. History The select committee was established in 1979 as the Treasury and Civil Service Committee. Since 2010, the Treasury Committee has taken on new powers, including the right to veto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
