House of Lords Committee Sees 'No Convincing Case' for UK CBDC

House of Lords Committee Sees 'No Convincing Case' for UK CBDC
There is “no convincing case” for the U.K. to have a central bank digital currency (CBDC), a House of Lords committee has concluded.The Economic Affairs Committee of the U.K.’s upper house set up the enquiry in September to explore how a CBDC might affect the role of the Bank of England, monetary policy and the financial sector. The report published Thursday found that “while a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.”The Bank of England, in common with central banks of almost every other major economy across the world,…