Britain is considering the possibility of creating a digital currency «Britcoin» / Article / LSM.lv

The British authorities are looking at creating a new digital currency, which could be known as Britcoin.

The British central bank and the Treasury said on Monday they would work together to assess the benefits of the central bank’s digital currency at a time when cash payments are in decline, partly due to the coronavirus pandemic.

The bank explains that the new currency, if approved, would be new digital money to be used by households and businesses, and could be used in parallel with, rather than replacing, cash and bank deposits.

The use of the digital currency is currently being evaluated by several countries, and in some it is already being introduced, given the success of Bitcoin and other cryptocurrencies.

Such a currency is currently being introduced in the Bahamas, but China is testing its use in several cities. Sweden indicates that it could develop its digital currency by 2026, but the European Central Bank says the digital euro could be introduced in four years.

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