Gillmore Centre Network
The digital pound: consultation response from the Gillmore Centre for Financial Technology
The Gillmore Centre provided a consultation document earlier in the year. Do read the initial response on a previous post.Link opens in a new window
Read further to see the treasury response and the initial report.
When Liz Truss and Kwasi Kwarteng鈥檚 triggered a UK debt crisis in autumn 2022, the pound plummeted to almost parity with the US dollar. In 2023 the UK has endured , and , yet the pound the strongest performing currency among the G10 leading economies. It is currently trading at almost US$1.31, its highest level since April 2022.
The revolution against traditional banking, and the embrace of fintech, have been driven by a combination of mobile phones that put high levels of computing power in the hands of individuals, the invention of cryptocurrencies, and the job losses among young techies, who became keen to create an alternative to traditional financial institutions after the 2008 financial crisis.