The UK Treasury and Bank of England are working on a possible launch of digital pound backed by the country’s central bank by the end of this decade. The digital pound issued will be backed by the Bank of England and stored in a digital wallet account operated by private sectors. The officials believe that the digital pound could help the central bank to maintain control of the core of the country’s financial system and ensure that digital payments would be widely available rather than kept within a closed network. A final decision on whether to roll out the digital currency in the country will be made around 2025.