According to the Daily Telegraph on February 4, the British Central Bank (BoE) and the British Treasury feel that Britain may have to establish a central bank digital currency (CBDC) by 2030.

A government insider told the newspaper that the "digital yuan" route map will be released next week. Governor Jon Canliffe plans to detail the Bank of England's latest release at the CBDC level on February 7th.

McGinnis Henry, chairman of the British Federal Reserve, and Jeremy Hunt, Chancellor of the Exchequer, told the Daily Telegraph: "based on what we are doing now, the Bank of England and the British Treasury feel that a digital currency is likely to be needed in the future."

Britain's central bank declined to post this article, but the announcement soon released joint talks on digital dollars.

It is reported that UK payments for funds and coins fell by 35 per cent in 2020. Cash is about 1/6 of the total payment; savings cards and credit cards account for the other 1/5. The digital currency of the central bank is a digital currency publicly issued by the state, which is tied to the 1:1 reserve required by law.

The news came not long after the British Treasury posted a job gap in LinkedIn for the head of digital money at the central bank. The job description describes this role as "extremely important, complex and intersecting" and provides for "active participation within and outside the Ministry of Finance".

Digital element is one of many CBDC expected to be released around the world in the near future. The ECB has been discussing the future of digital Europe, and several countries, including Germany and the Netherlands, are still exploring the concept of digital currency.

Last year, China's digital dollars were released in public beta versions in iOS and Android local app malls. According to Cointelegraph, recent trends include upgrading the role of smart contracts and a series of test cases.