United Kingdom to Launch Digital Currency Britcoin – British authorities has asked for the ideas and comments from the businesses and consumers for a need of digital version of the pound before introducing a central bank digital currency. The proposed digital currency would be denominated in pounds, where 10 pounds of digital currency equal to a 10-pound note. The digital currency will be held in a digital wallet and currency could be used to pay for goods and services electronically. Prime Minister Rishi Sunak suggested naming the initiative of Digital Currency as “Britcoin”.
The digital pound issued and backed by the Bank of England, the new currency would be “reliable and retain its value over time,” in contrast to cryptocurrencies that can fluctuate wildly and threaten the holdings of investors, the Bank of England says on its website.
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Bahamas became the first country to introduce a digital currency in 2020. Nigeria and Jamaica have since followed suit, with China and more than 20 other countries running trial projects. The US and European Union are considering introducing digital currencies.
