Consumers to face 20,000 pound limit on digital pound, Bank of England says

FILE PHOTO: Deputy Governor of the Bank of England Jon Cunliffe holds a news conference after the bank issued its latest Financial Stability Report at Bank Of England in London, Britain December 13, 2022 Leon Neal/Pool via REUTERS

LONDON (Reuters) - British consumers would be limited to holding a maximum of 20,000 pounds ($24,000) each if the Bank of England goes ahead with a digital version of the British currency, BoE Deputy Governor Jon Cunliffe said on Tuesday.

Britain's government said on Monday that it and the BoE were pressing on with work on a possible digital pound that was likely to enter circulation in the second half of this decade, though no final decision has been made on whether to go ahead.