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To be clear, this isn't a cryptocurrency, right? It would be issued and backed by the Bank of England.

What is different about this and the current system? I assume the vast majority of pounds are held virtually in bank accounts already.

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Correct. It’s a digital currency based on blockchains (or whatever the current buzzword might be). It allows central banks to tightly audit cashflow and exert greater control over how money is spent.

Does it actually use a blockchain? Interesting. I would have thought a centralized database would be more efficient. What benefit does a blockchain provide here?

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