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The UK Treasury Secretary wants a Britcoin

Updated: Mar 28

The UK Treasury Secretary wants a Britcoin

Great Britain wants to send its own crypto currency into the race. The digital currency is only intended to supplement the British pound.

The British government wants to examine the feasibility of a crypto currency, the pound. Treasury Secretary announced a joint working group between his section and the UK central bank. This is to explore the possibility of a central bank-supported crypto currency, a Britcoin, alluding to the well-known crypto currency Bitcoin.

We are setting up a new working group from the Treasury and the Bank of England to combine the exploration of a pUK ossible digital currency, said the minister at a conference. Such a currency could be used by households and companies and would complement cash, but neither the government nor the bank has yet made a decision on whether there will be a digital currency of the pound in the future.

Around the world, more and more banks are working on digital currencies. Behind this is the digitization of almost all areas in payment transactions. The threat of competition from cryptocurrencies from large technology such as the planned currency is also a driving factor.

In 2020, the island state of Bahamas was the first country in the world to introduce a digital currency. Of the major countries, China is the most advanced in developing digital currencies.

No Concrete Plans Yet

However, the plans are still just deliberations. The government and bank have not yet decided whether there should really be a Britcoin. Part of the deliberations, according to the treasury secretary, is how the UK sector can be made more open, greener and more advanced. The aim is to maintain the leading position in the UK, which has faltered after Brexit.

The contents of this article are for informational purposes only and are not investment advice.

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