Reportedly, the Bank of England and HM Treasury (HMT) have revealed their next steps in exploring plans for a CBDC stablecoin. However, both entities have not yet made a final decision. The consultation will decide on whether a development process can begin in the future. Besides, the development phase would involve the creation of a technical specification and design testing. If the development phase remains successful, England would launch its CBDC between 2025 – 2030.