According to Britain's financial services minister, Andrew Griffith, the UK is getting closer to deciding when, rather than if, it will issue a digital version of the sterling.

The government and Bank of England launched a public consultation in February to prepare for a possible digital pound that could enter circulation in the second half of the decade.

Griffith emphasized that Britain must not be left behind in global financial innovation in payments, as non-cash payments currently account for 85% of all payments and continue to grow.

Griffith believes that a digital pound will be a safe, trusted form of money, similar to a physical pound. Before any digital pound is launched, fiat-backed wholesale digital currencies will be introduced, subject to regulation that is currently being approved by parliament. Photo by UK Government, Wikimedia commons.