Shoppers could use digital currency dubbed ‘Britcoin’ instead of cash
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Treasury and Bank of England are considering plans to let people use a digital currency called ‘Britcoin’ instead of cash
- Proposals would create a ‘digital pound’ issued by the Bank of England
- These are accessible through digital wallets and exchangeable with cash
Shoppers could use a digital currency called ‘Britcoin’ instead of cash under plans being considered by the Treasury and the Bank of England.
The proposals would create a “digital pound,” issued by the Bank, accessible through digital wallets and interchangeable with cash and bank deposits.
However, account holders may have to pay to keep the money in the digital wallets of private providers.
Shoppers could use a digital currency called ‘Britcoin’ instead of cash under plans being considered by the Treasury and Bank of England
According to a consultation launched today, the coin could be launched by the next decade.
Bank Governor Andrew Bailey said: “A digital pound would offer a new way to pay, help businesses, maintain confidence in money and better protect financial stability.”
The digital currency is not intended for savings and does not pay interest.
It stems from fears that big tech companies like Facebook owner Meta could create their own digital currency that could fragment the monetary system.