Britcoin: UK plans its own cryptocurrency

Britcoin: UK plans its own cryptocurrency. Bitcoin prices have soared to a record high.

The Bank of England is getting ready to get in on the bitcoin action. The bank is considering launching a cryptocurrency of its own.

According to JPMorgan: “We believe the perception of bitcoin as a better-in-inflation hedge than gold is the main reason for the current upswing.”

On Monday the Bank of England announced that a consultation would be launched to look at a central bank digital currency (CBDC). This has been nicknamed “britcoin”.

It is expected that “britcoin” would not be released in the UK until 2025 at the earliest.

Jon Cunliffe is the deputy governor for financial stability at the Bank of England. He explained: “The plan to publish a consultation next year on CBDC is a crucial step in our policy development, especially as we further our thinking on the pressing issues at hand.

“What it will do is provide a platform for interested parties and relevant groups to engage with the key questions on the merits of CBDC, and whether the public sector should advance to a development phase.”

The Economic Secretary to the Treasury, John Glen MP stated: “This consultation will begin an open discussion on the role a UK central bank digital currency might play in the UK.

“I’d encourage everyone to contribute to the discussion so we can explore the opportunities this could bring, as well as understanding any risks it may pose.”

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.