The UK Treasury and Bank of England are designing a “digital pound” that could supplant banknotes by the end of this decade and fend off a Big Tech competitor. With the decline of cash, ministers and officials think there is likely to be a need for a publicly-backed digital currency that would sit in wallets on smartphones and could be used for shopping much like notes and coins. Consumers already accustomed to fast digital payments would see few obvious differences, but the core infrastructure would be part of the central bank and could be guaranteed to be available for everyone to use. Officials believe a digital pound would ensure the BoE maintains control of the heart of the UK financial system and prevent any private company from keeping payments within a closed network.