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Authored by Turner Wright via CoinTelegraph.com,

The Bank of England (BoE) and HM Treasury in the United Kingdom released their response to a consultation on a central bank digital currency (CBDC) launched in February 2023, saying they intended to focus on “privacy and control.”

In a Jan. 25 notice, the BoE said “no final decision has been made” regarding launching a digital pound, but officials would continue to explore CBDC feasibility and designs. Both institutions added they intended to “protect access to cash” should they move forward with a CBDC launch, giving residents an additional payment choice.

The U.K. government has been pushing BoE and HM Treasury to provide greater transparency around the potential expenses of a CBDC launch.

Many U.K. residents have suggested that launching a digital pound could lead to government surveillance of financial transactions and a loss of privacy.

The BoE and HM Treasury said they expected to launch the digital pound, referred to as ‘Britcoin’ by certain members of the public, no earlier than 2025 should they move forward with the CBDC plan. The U.K. government has undergone several changes in leadership since the digital pound was first proposed, including officials responsible for overseeing economic policy.

Across the pond in the United States, a digital dollar may be on the verge of becoming a campaign issue in the 2024 Presidential Election, scheduled for November. Though Florida Governor Ron DeSantis — a CBDC opponent who vowed to ban the currency if elected — has dropped out of the race, former U.S. President and Republican Party frontrunner Donald Trump said he would “never allow” a digital dollar to “protect Americans from government tyranny.”