The Bank of England and the UK Treasury are planning to create a digital pound that would offer a more stable alternative to bitcoin or ether.
The officials say that a digital pound is likely to be needed in the future as cash is still widely used. “A digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use,” said UK finance minister Jeremy Hunt.
The officials are launching a consultation to gather feedback on the potential design of the digital pound.
Kingdom, the Bank of England and Treasury are considering issuing a digital pound, nicknamed Britcoin. The decision of whether to roll it out will be made in the middle of the decade.
Central banks around the world are considering issuing digital currencies, which have official backing and a stable value. Unlike cryptocurrencies currently available, these coins could be used for everyday spending.
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