Britcoin: BoE and Treasury consider new digital currency as alternative to cash

The Bank of England and the Treasury are considering the creation of a new digital currency called "Britcoin" that could potentially replace cash by the end of the decade.

British consumers may be using a new digital currency called “Britcoin” as an alternative to cash by the end of the decade, according to the Bank of England (BoE) and the Treasury.

- Advertisement -

Given the volatility of cryptocurrency markets and the collapse of crypto company FTX, the central bank and the Treasury will need to reassure citizens and convince them that the British digital currency will be as safe as cash.

Regulators will study the technical requirements for creating a central bank-controlled digital currency (CBDC) before making their final decisions in the middle of this decade.

Treasury Secretary Jeremy Hunt and central banker Andrew Bailey may, in fact, decide not to move forward with the next steps of the plan, but momentum is seen as high at the moment, according to The Guardian.

According to a recent analysis by these regulators, the creation of a digital currency is seen as a necessary step for the future of the British economy.

If the whole effort is given the green light, digital currency could enter consumers’ lives at the earliest by the end of the decade.

“The world around us is changing and the way we transact is becoming increasingly digital. The need for a digital pound is now seen as necessary as it will help companies, strengthen the financial system and stabilize the country’s financial environment,” Bailey said, adding that:

- Advertisement -

“There are, however, a number of problems that we will have to address. The BoE will do the necessary studies before proceeding to make decisions that will fundamentally change the way we use money.”

READ ALSO

Previous Articles:

- Advertisement -

Latest

Wellington Man Charged in $450M Global Crypto Fraud, FBI Says

A Wellington man was arrested in connection with a global cryptocurrency fraud case.The case involves the theft of $265 million and links to organized...

Paraguay Deports Three for Crypto Miner Theft Near Itaipu Dam

Paraguayan police deported three Chinese nationals and arrested a Paraguayan resident after an attempted crypto mining equipment theft. The incident took place at the Teratech...

Bitcoin Eyes $90K Support as Bull Flag Hints at Breakout Potential

Bitcoin is trading below its recent resistance near $104,000 to $105,000, with some investors expecting a pullback to $90,000. On-chain data shows that current profit...

Chainlink Report: Stablecoin Rails and Regulatory Focus in 2024

Regulators are increasing their focus on payment stablecoins, especially concerning their usage and supervision.Stablecoin issuers face strict requirements on reserves, transparency, and risk management.Stablecoin...

Senator Blumenthal Slams Trump Crypto Firm Over Ethics Inquiry

Senator Richard Blumenthal criticized World Liberty Financial for what he described as insufficient answers to Senate questions about company practices. The company, linked to the...

Must Read

Top 8 Best Anonymous Web Hosting Companies That Accept Crypto

Nowadays, there is plenty of information about people online, and malicious people use them to carry out inappropriate activities. If you want to keep...