Tom Mutton, the head of the Bank of England’s CBDC project, told Bloomberg: “We definitely want to be compatible with distributed-ledger business models in the private sector, but we were not convinced that distributed ledgers offered more efficiency over conventional ledgers. It’s very much open.”

Mutton further informed that no decisive conclusions were made among executives at a recent meeting on the digital pound.

While all options are on the table for the UK Britcoin, there is a high likelihood that it might not run on blockchain technology. The UK has been exploring a CBDC for over two years and launched a special task force for CBDC in April 2021.

In contrast to Mutton, some Bank of England officials have been pushing for the digital pound. This month, the central bank completed a key retail CBDC study, wherein the Deputy Governor of the Bank of England announced that there is a 70% chance of moving ahead with the Britcoin project.

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