UK to make it’s own digital currency that could be known as ‘Britcoin’


The UK government is looking into the possibility of launching a new digital currency called Britcoin.

The Bank of England and the Treasury announced on Monday, April 19, that they would collaborate to evaluate the benefits of a central bank digital currency, despite claims that cash payments are on the decline, owing in part to the coronavirus pandemic.

The new currency, if it comes to pass, would be a new type of digital money for use by households and companies, rather than replacing cash and bank deposits, according to the bank.

The Bank of England said in a statement that “the Government and the Bank of England have not yet made a decision on whether to implement a CBDC in the UK, and will engage widely with stakeholders on the benefits, costs, and practicalities of doing so.”

“We’re launching a new task force between the Treasury and the Bank of England to organize exploratory work on a possible central bank digital currency (CBDC),” British finance minister Rishi Suna said at the financial industry conference.

“Our vision is for a more flexible, greener, and more technologically advanced financial services market,” he told a fintech conference.

“We’ll cement the UK’s status as the world’s preeminent financial center if we can harness the extraordinary potential of technology.”

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Sunak responded to the finance ministry’s announcement of the task force by tweeting the word “Bitcoin.”


About Kirigaya Kazuto

Kazuto Kirigaya, born as Kazuto Narusaka, is a fictional character and the protagonist of the Sword Art Online series of light novels written by Reki Kawahara.

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