The Bank of England (BOE) is exploring implementation possibilities and design options for ‘Britcoin’, a digital version of the British pound, according to a press release published today by the BOE. However, a final decision on whether to create this Central Bank Digital Currency (CBDC) will await the completion of this phase.

According to the BOE, the new development comes after the release of a joint consultation statement by the BOE and HM Treasury, which details the progress on the proposed digital pound and addresses public concerns regarding privacy and continued access to cash.

The statement indicates that while the concept of a CBDC has gained considerable support from various industries, no final decision has been made to forge ahead with a CBDC. The forthcoming design phase is set to further explore the feasibility of ‘Britcoin’ and its potential to foster convenience and innovation in daily transactions for individuals and businesses.

Addressing the privacy concerns that have been raised, the BOE asserts that any progression towards ‘Britcoin’ would involve primary legislation designed to ensure the privacy and control of users over their data. The BOE and the Government would be precluded from accessing this personal data, emphasizing users’ freedom in managing and spending their digital pounds.

Additionally, the Treasury and the Bank have reiterated their pledge to maintain access to traditional cash, stating that the introduction of a digital pound would be in addition to, not a replacement for, physical currency.

Bim Afolami, Economic Secretary to the Treasury, highlighted the momentous nature of the current innovations in money and payments, expressing the UK’s readiness to adapt should the decision to implement a digital pound be made.

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Author: Vivian Nguyen

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