Bank of England imposes a £20,000 limit on holdings of digital pound
The Bank of England (BoE) said on February 7 that people in this country will be limited to keeping a maximum of 20,000 digital pounds ($24,000) each if the country actually develops a digital currency.
The UK government and the BoE are promoting research a digital pound - aka a central bank digital currency (CBDC). If feasible, the digital pound is likely to enter circulation in the second half of this decade. They will be held in a wallet provided by the banks, although a final decision has not been made.
The BoE recommends a limit of £10,000-20,000 per individual. The goal is to strike the right balance between managing risk and supporting the broad usability of the digital pound.
The £10,000 cap means that three-quarters of British people can receive money in digital pounds as well as maintain an existing balance in the same account. The £20,000 limit would allow most people to use the digital pound in their day-to-day transactions. Amounts in excess of the limit will be transferred to the customer's commercial bank account, as the digital pound will not be a means of storing wealth.
Central banks around the world are working on CBDCs. The European Union (EU) is expected to publish a draft CBDC law in May, setting out the regulatory framework for a potential digital euro. The law needs to be approved by EU states and the European Parliament, although the European Central Bank (ECB) will decide this fall on whether to proceed with the development of a digital euro.
Bank of England imposes a £20,000 limit on holdings of digital pound
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