A plan for a digital British pound remains on hold after the Bank of England and the finance ministry said they would launch further consultations and any rollout would be preceded by new legislation to protect users' privacy.
The two institutions said any decision to go ahead with a new digital currency would be taken around the middle of the decade at the earliest.
Last year they sought feedback on the possibility of a digital pound and today said that the responses had been largely supportive.
But some respondents raised concerns about access to cash, and control of their money as well as users' privacy.
To address these concerns, primary legislation would be introduced before the launch of any digital pound, the Bank of England and the UK Treasury said, echoing preparatory moves under way in the euro zone for a digital euro.
"Any such legislation would guarantee users' privacy and that neither the Bank of England, nor Government, would be able to control how a digital pound would be used," the Bank of England and the Treasury said.
"There will also be a further public consultation on the digital pound prior to the introduction of primary legislation," they added.
