The Bank of England and the U.k. finance ministry are planning to launch a consultation on the possible rollout of a primal banking concern digital currency starting in 2022.

In a Tuesday argument, the Bank of England said the digital pound consultation with HM Treasury would consider design features, benefits and implications for users and business, as well as other relevant issues. The results of the 2022 consultation will determine whether U.K. government intend to motion forrad with a primal bank digital currency, or CBDC.

"If the results of this 'development' phase conclude that the example for CBDC is fabricated, and that information technology is operationally and technologically robust, then the earliest date for launch of a U.K. CBDC would be in the second half of the decade," said the cardinal banking concern.

The Bank of England added that "no decision has been made" on whether the U.K. would be introducing a CBDC in the future. However, whatsoever digital pound project would exist aimed at existing alongside cash and bank deposits, rather than replacing them.

In April, the Bank of England and the finance ministry building established a task force aimed at exploring the rollout of a CBDC, including bug associated with the design every bit well as its possible implementation and operation in the U.k.. Chancellor of the Exchequer Rishi Sunak said in July local officials would be consulting on pioneering reforms "to back up the rubber adoption of crypto avails and stablecoins" and explore the case for a CBDC in the land.

Related: Digital Pound Foundation launches to promote CBDC development in the UK

While many countries with the world's largest economies have yet to launch a CBDC, some have begun pilot programs. China's digital yuan rollout continues with trials in multiple regions, with the country's key banking company reporting in that location were more than than 140 1000000 individual accounts property the digital currency as of Oct.