A consultation will be launched by the Bank of England, the United Kingdom Finance Ministry and other stakeholders on possible implementation of digital currencies at central banks starting in 2022.

The Bank of England released a statement on Tuesday. The consultation on the digital pound with HM Treasury will consider design features and benefits, and their implications for business and users, among other issues. The 2022 consultation will decide whether the U.K. government plans to implement a digital currency central bank, known as CBDC.