The Bank of England (BoE) and His Majesty's Treasury will unveil a plan for creating a central bank digital currency (CBDC) the following week, crypto media outlet CryptoSlate reported on February 5.

Insights claim that the BoE and Treasury aim to start a four-month consultation during which companies, academics, and the general public will share opinions on the introduction of a "digital pound."

Furthermore, cash and coin payments decreased by 35% in the U.K. in 2020. About one out of every six payments is made with cash; the other five are made with debit and credit cards. A digital representation of a government-issued currency that is 1:1 connected to fiat reserves is referred to as a central bank digital currency.

Meanwhile, in order to determine its ranking, Recap's yearly list of the top crypto hub cities for 2023 considers important factors including tax status, quality of life index, and the overall number of crypto enterprises and professionals in a certain metropolitan region. The results showed that the biggest number of people employed in the digital asset sector was discovered in London with over 800 crypto-based companies and 2,173 crypto-related workers.

Source: CRYPTOSLATE