Geopolitical tensions turn up the pressure for European legislators

The UK is still in the design phase of digital currency as the EU comes under political pressure to accelerate the development of a digital euro to bolster the bloc's sovereignty and resilience.

Speaking to MPs this week, Dave Ramsden, deputy governor of the Bank of England, said his team was still working with HM Treasury on the design of a digital currency for the UK.

He told the House of Commons' Public Accounts Committee that the bank was trying to make sure it could provide the infrastructure and technology platform for the so-called digital pound, or central bank digital currency (CBDC), when plans are finalized.

"You've got to distinguish between money and the rails on which money operates," he said. "The bank wants to make sure that we have the best technological solution that ensures the singleness of money. CBDC is one option – retail CBDC – as a ...