Britcoin, the UK is planning its own digital currency

London is studying how to adopt an official digital currency, leading to the pound. Formation of a task force of experts between the Bank of England and the Treasury Department

Sterling Image by BlueBuggy from Pixabay
Sterling Image by BlueBuggy from Pixabay

NS UK is added to the list of powers that have studied a “digital currency” of the central bank”: This is the definition of the hypothesis given by London britcoin, As already renamed the new currency which can make the current flow with Her Majesty’s face. According to what has come out so far, bank of england It would establish a digital equivalent of physical money, controlling it just like the pound sterling. Central body experts, who have always expressed themselves with dire warnings about bitcoin and the like, have established a dedicated work force With technicians from the Ministry of the Treasury to prepare a report on Britcoin by the end of the year.

The standard bearers of the initiative is Rishi Sunaki, Chancellor of the Exchequer. Apparently, his department would be most interested in the intention to regulate investments and payments in cryptocurrencies, for example, Companies like Lush and WeWork. According to supporters, Britcoin will guarantee a number of benefits for citizens and small and medium-sized businesses. First, it will cut cost of banking operations, Breakage money transfer time within the system. In addition, it will allow the state to transfer Britcoin to citizens’ accounts in the event of a subsidy. “Helicopter Money”, according to daily Mail.

The more skeptical the observer the more afraid financial instability and difficulty in regulating the economy monetary policies, as related Rate of interest. With the connection between citizens and the Bank of England through bank accounts opened directly with the central body, the authorities will not have to decide whether to apply them to Britcoin. other than this, less money transfer through banks, On the other hand, it can lead to an increase in mortgage and loan rates and the cost of other services provided by credit institutions.

Retailers may otherwise accept digital currency for payments made by debit or credit cards. In any case, the amount of digital currency each citizen can have will initially be limited and it will be possible to easily replace it with physical pounds even when withdrawing from ATMs. In recent months, the Chief Economist of the Bank of England had defined “imaginative” the idea that Bitcoin can be adopted to carry out simple payment. Now Britain is thinking of itself stable currency.

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