UK Digital Pound Strategy Sparks Debate as Coinbase CEO Criticizes CBDC Approach

The United Kingdom is advancing its central bank digital currency (CBDC) plans, initiating a selection process for key technology partners. This move to develop a "digital pound" has drawn criticism from major crypto industry figures. Coinbase CEO Brian Armstrong publicly expressed concerns, labeling the UK's framework as potentially picking winners and creating an unlevel playing field in the digital asset ecosystem. The Bank of England and HM Treasury are leading the project, aiming to ensure the future digital currency's stability and integration with traditional finance. This development highlights the growing tension between state-backed digital currencies and the decentralized cryptocurrency market, with significant implications for companies like Coinbase operating in the region. The selection of foundational partners is seen as a critical step toward a potential digital sterling launch later this decade.