What’s a ‘Britcoin’? (Podcast)
The UK is moving toward launching a central bank-backed digital currency.
The Bank of England in London.
Photographer: Jose Sarmento Matos/BloombergListen to Bloomberg Crypto on the iHeartRadio App, Apple Podcasts or Spotify.
The Bank of England and the UK Treasury are moving forward with a plan to launch a digital currency, which has been dubbed “Britcoin”.
The action is part of a global effort to stay ahead of various new currency options and prepare for a future in which consumers adopt card payments backed by companies instead of governments. Yet, some critics are calling it a “solution in search of a problem”, particularly in light of the country’s already-strong fintech industry.
Senior editor Philip Lagerkranser and reporter Emily Nicolle discuss the implications in this episode.