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The Britcoin: a new British digital currency

The Britcoin: a new British digital currency

The British government has asked its central bank to look into launching a digital currency to co-exist with Sterling, earning the nickname ‘Britcoin’. It is a step towards future-proofing Pound Sterling against digital forms of money and improving the installments framework.

Haydn Jones, senior blockchain market specialist at PwC UK said, “If you look at your (bank) notes, they’re backed by gilts. Digital currency will also be backed by an instrument that will be held at the central bank.” He also added that, “The difference is that with a note, with a physical £5 note, you can’t do anything digitally with it. A digital version of sterling, because it’s written in code, we can attach conditions to payments: I can send something to you, but I can make it conditional on you doing something for me.”

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Nikhil Thakur

Editor @magazinegogo

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