A senior executive of the Bank of England said that developing a wallet that could be used for the institution to store and spend CBDC seems unlikely.
It remains unclear whether the Bank of England will issue a CBDC. The bank also plans to release an advisory report on Bitcoin later this year.
While the CBDC issue remains unclear, the launch of a digital wallet is not in the plans.
Katie Fortune, a senior executive in Bank of England’s CBDC unit, said:
“I think it is fair to say that it is unlikely that the bank will issue a retail wallet”
According to Fortune, if such a wallet is to be produced, it seems more likely that the private sector will do it.
Fortune said it was also unclear whether CBDC should be supported if it is a blockchain technology.
He said that if they choose to continue with the CBDC after an authoritative advisory report is released, they will enter a phase of development that includes working on some prototypes. In addition, he stated that the launch of the CBDC could take place in 2025 at the earliest.
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