UK Steps Up Planning for Digital Pound Currency Backed by BOE
- BOE moves to allay concerns ‘Britcoin’ would hurt banks
- Currency wouldn’t be available until second half of decade
The Bank of England in London.
Photographer: Carlos Jasso/BloombergThis article is for subscribers only.
The Bank of England and the UK Treasury stepped up work on creating a digital currency to sit alongside physical banknotes and sought to allay concerns that the work could threaten the stability of banks.
Officials at the two institutions said a central bank digital currency, or CBDC, which has been unofficially dubbed “Britcoin,” could present significant opportunities for UK consumers and businesses after it’s rolled out as early as the second half of this decade.