During a speech at the UK Fintech Week 2021 webinar, Sunak underlined that the task force will analyze the risks and benefits of a digital currency issued by the Bank of England (BoE), adding that ensuring the highest possible regulation standards will be the group's top priority.
BoE Governor Andrew Bailey noted earlier this year that setting up a digital currency will be no easy feat as no stable digital currency has yet been established. Soon after the initial news, BoE issued a statement explaining that while "the Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK," it "will engage widely with stakeholders on the benefits, risks and practicalities of doing so."