The Bank of England (BoE) and UK Treasury are set to back the development of the British central bank digital currency (CBDC), popularly known as “Britcoin” or “digital pound.”
The discourse of a British CBDC began in April 2021, when the UK Treasury, then under the leadership of current UK Prime Minister Rishi Sunak, launched a joint task force with the BoE to evaluate the feasibility of a “digital pound” for British businesses and households.
Since then, there have been multiple discussions and reports as both financial authorities weighed the potential benefits and risks a “digital pound” could bring to the UK economy. After 21 months of research and consultations, it would appear both parties have eventually come to a decision.
UK ‘Likely’ To Need CBDC
According to a Saturday report by The Telegraph, Bank of England Governor Andrew Bailey and Chancellor of the Exchequer (Treasury) Jeremy Hunt are…
