July 4 (Cointime) - The UK's financial services minister, Andrew Griffith, has urged caution over the potential issuance of a digital version of the pound due to concerns around privacy and other issues.

The Bank of England and the finance ministry have launched a public consultation on whether to issue a central bank digital currency (CBDC), in line with other central banks around the world.

Griffith stated that the government should proceed cautiously and engage in a thorough public policy debate before making any decisions on CBDC issuance.