Getting the design of the digital pound right is a more important priority than a quick launch, says U.K. financial services minister Andrew Griffith, Reuters reports.

China is pushing a pilot for a digital yuan and the European Central Bank is exploring digital euro launches, putting pressure on the U.K. to do the same and keep up with advances in financial technology.

In the coming weeks, the finance ministry is set to launch a public consultation on the characteristics of the digital pound.

The first use of the digital pound, he said, is likely to be the settlement of wholesale financial transactions.

There will also be a public consultation on the U.K.'s first common approach to regulating crypto-assets, a sector where consumer protection has come under scrutiny in recent weeks.

The European Union has developed the world's first comprehensive set of rules for regulating cryptocurrency markets, which should receive final approval in the coming weeks and take effect in 2024.

Griffith said the U.K. rules could be broader to include decentralized finance.