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UK Plans £20,000 ‘Britcoin’ Limit for Individuals Holdings Digital Pounds

  • Britcoin would be a cash-like alternative to banknotes
  • Central Bank wants instrument that works for online payments
A morning commuter passes the Bank of England in London. 

A morning commuter passes the Bank of England in London. 

Photographer: Jason Alden/Bloomberg
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The UK will probably impose a limit of £10,000 to £20,000 ($12,017 to $24,033) for holdings of a new digital currency once it comes into existence, a Bank of England official said.

The central bank and Treasury stepped up work on how to issue the pound in a digital form as early as the end of this decade. But the government will impose a cap on how much of the currency people can hold to prevent money draining out of traditional bank accounts.