UK discusses creation of ‘Britcoin’, its own central bank-backed cryptocurrency
British authorities have confirmed that they are already studying the feasibility of launching a national cryptocurrency that they are already calling “ Britcoin ” on social media.
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April 20, 2021
3 min read
This Monday, Rishi Sunak , UK Minister of Finance, confirmed in a statement that the The British Central Bank is analyze the possibility of creating a national cryptocurrency . This opens the door to the likely launch of a digital currency, which has received the unofficial name of “Britcoin” .
“Our vision is a more open, greener and more technologically advanced financial services industry. The UK is already known to be at the forefront of innovation, but more needs to be done Sunak said according to a declaration published on the UK government website.
“The steps I outlined today – to drive the growth of fintech, push the boundaries of digital finance, and make our financial markets more efficient – will propel us forward. And if we can harness the extraordinary potential of the technology, we will solidify the UK’s position as the world’s leading financial center Added the official.
Sunak also revealed that a task force has already been formed to analyze the viability of an official digital currency.
“We have created a new task force between the Treasury and the Bank of England to coordinate exploratory work on a possible central bank digital currency. », Declared the Minister during the conference of the UK FinTech Week, Reuters quote.
Later, Sunak responded with the word “Britcoin” to a message on Twitter from the Ministry of Finance, where they confirm the initiative.
– Rishi Sunak (@RishiSunak) April 19, 2021
In this regard, the bank of england posted a statement on Monday, saying that a the digital version of the British pound does not replace physical cash and does not affect existing bank accounts.
UK central bank backed digital currency , and will work closely with stakeholders to explore the benefits, risks and practicalities of this decision. “ the institution said.
Facing cryptocurrency boom in the past year, the UK is not alone in considering launching an institutional digital currency. Countries like China and Russia are also exploring the possibilities of issuing a “crypto” version of their national currencies.