The facade of the Royal Exchange in the City of London

The Bank of England plans to explore the launch of an official digital currency.

The British central bank, along with the HM Treasury, announced the creation of a joint task force to examine the prospect of creating a central bank digital currency (CBDC) in the U.K.

The institutions said they haven’t decided to pursue the launch of a digital currency. Instead, the task force is being formed to examine the case for official digital money and evaluate possible design features.

The task force will be co-chaired by Jon Cunliffe, deputy governor for financial stability at the Bank of England, and Katharine Braddick, director general of financial services at the Treasury.

Cunliffe co-chaired a group of major central banks, including the Bank of Canada, that released a report last year outlining the basic principles and features of a CBDC.

That group didn’t make any recommendation on whether central banks should issue their own digital currencies.

At the time, Tiff Macklem, the Bank of Canada governor, said in a release that “international cooperation is essential to improve the quality of CBDCs and to ensure that they also support efficient and low-cost cross-border payments. We still have a lot of work to do before deciding to issue a CBDC in Canada.”