BOE to Limit How Much U.K. Digital Currency Can Be Held Initially

By Miriam Mukuru

The Bank of England will restrict how much U.K. digital currency an individual or a business could hold at the initial stages after its introduction, the BOE said in a press release.

Work on the feasibility and possible design of the digital pound is continuing and no final decision has been made to pursue a digital currency, the bank said.

"[A digital pound] would be intended for payments made online, in-store, and between individuals, rather than for savings, and it would not pay interest," it said.

Work on the digital currency is likely to strengthen the U.K.'s competitiveness in the global financial sector, the BOE said.

Write to Miriam Mukuru at [e-mail]

(END) Dow Jones Newswires

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