According to Reuters, British Financial Services Secretary Andrew Griffith said that designing the digital pound correctly is more important than launching it quickly. China is already advancing a digital yuan pilot, and the European Central Bank is working on a digital euro, putting pressure on the UK, which must also keep up with advances in financial technology. The HM Treasury will launch a public consultation on the attributes of a digital pound in the coming weeks. The first use case for a digital pound could be the settlement of wholesale financial transactions.