UK Central Bank studies the creation of ‘britcoin’

UK Central Bank: The Bank of England, a kind of Central Bank of the United Kingdom, announced on Monday (19) that it is studying the creation of a new British digital money. The currency, which would be aimed at the use of ordinary consumers and businesses, would not replace paper money and bank deposits, the institution said.

To study the subject, a task force of the Central Bank Digital Currency (CBDC) was created, composed of the HM Treasury (department of the British government responsible for economic policy) and the Bank of England itself.

The initiative aims to verify the benefits, risks and practical aspects of creating the currency, which would be called CBDC, which are precisely cryptocurrencies issued by central banks. The discussion around the subject should involve companies, governments and civil society.

The working group wants to guarantee a strategic approach on the subject and has among its missions: coordinating and exploring the objectives and uses of the CBDC; evaluate the characteristics and design that the coin needs to have to achieve its objectives and monitor the international development of the CBDC to ensure that the United Kingdom remains at the forefront of global innovation.

The Chancellor of the United Kingdom’s Treasury, a post similar to that of a finance minister, toyed with the possibility. On Twitter, he suggested that the digital currency would be “britcoin”.

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