Britons would be limited to 20,000 digital pounds (US$24,000 or RM103,736) each if the country goes ahead with a digital currency, Bank of England (BoE) Deputy Governor Jon Cunliffe said yesterday.
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“We propose a limit of between £10,000 and £20,000 per individual as the appropriate balance between managing risks and supporting wide usability of the digital pound,” Cunliffe said in a speech.
A limit of £10,000 would mean that three quarters of people could receive their pay in digital pounds as well as holding pre-existing balances in the same account, while a £20,000 limit would allow almost everyone to use digital pounds for day-to-day transactions, Cunliffe said.
Money above the cap would be “swept” into a customer’s commercial bank account given that a digital pound would not be a means for storing wealth, he told members of UK Finance, a banking industry body.
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