‘Britcoin’ digital currency being considered by UK authorities

British authorities are exploring the possibility of creating a new digital currency that Treasury chief Rishi Sunak indicated could be known as Britcoin”.

The Bank of England and the Treasury said Monday that they will work together to assess the benefits of a central bank digital currency, at a time when cash payments are generally on the decline, partly as a result of the coronavirus pandemic.

The bank said the new currency, if it comes to pass, would be a new form of digital money for use by households and businesses and would exist alongside cash and bank deposits, rather than replacing them.