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UK’s ‘Britcoin’ Takes Step Closer Into Fruition

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A young businessman uses a futuristic smartphone with the latest holographic technology of augmented reality with the inscription "CBDC". Central bank digital currency concept

 

A central bank digital currency (CBDC) in the United Kingdom could be a step closer to a rollout as financial agencies have announced a consultation process.

Source: The Register

The UK Treasury and the Bank of England revealed a consultation process, which will dictate whether the United Kingdom should push through with the design and the creation of a CBDC.

The agencies said the next steps in the exploration start next year, including a consultation that will highlight their assessment for the possible ‘Britcoin’ and its operational and technological merits.

Should the criteria be met, the agencies plan to establish a technical specification that would involve the in-depth testing of the optimal design, and the feasibility of a UK CBDC.

A task force to consider a CBDC was established in April this year. This is in line with efforts to engage with stakeholders regarding the benefits, risks, and practicalities of such development.

Any UK CBDC will be issued by the Bank of England for everyday payments.

 

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