BOE is considering "Britcoin" as a payment alternative

By: Miguel A. Rodriguez

15:02, 21 April 2021

1619005142.png
Digital currencies seem to start gaining more and more ground according to the latest events

The UK is considering implementing a central bank digital currency (CBDC). It is not the first country to announce these types of efforts this week. The People's Bank of China (PBOC) named Bitcoin an investment alternative and revealed that it is considering issuing a digital currency called "digital yuan."

Speaking at the UK FinTech Week conference, the British finance minister Rishi Sunak told the Bank of England to consider the case of a "Britcoin," aimed to tackle some of the challenges raised by the cryptocurrencies. The move could speed up both domestic and foreign payments, as well as reduce financial stability risks.

The central bank-backed digital currency would potentially allow businesses and consumers to hold accounts directly with the bank. Sunak stated the following: "We're launching a new task force between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)."

However, the Bank of England stated that the digital sterling wouldn't replace physical cash or existing bank accounts.

Read more about the PBOC's approach here!

Sources: reuters.com, thetimes.co.uk

Share this article

This information prepared by capex.com/za is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation, or the particular needs of any recipient.You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation, or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.This information may not be published, circulated, reproduced, or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of capex.com/zaJME Financial Services (Pty) Ltd trading as CAPEX.COM/ZA acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via CAPEX.COM/ZA, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15.  Magnasale Trading Ltd is the principal to the CFD purchased by investors.