UK politicians and financial experts have expressed their concerns over the proposal to introduce a central bank digital currency (CBDC) dubbed “Britcoin.”
A joint consultation by the Bank of England (BoE) and HM Treasury, established in February, received thousands of responses on the introduction of the digital version of the pound.
The project was launched in April 2021 by then-Chancellor Rishi Sunak, and was overseen by the joint Bank-HM Treasury CBDC Taskforce. The goal was to consult on Britcoin, a digital currency which would be issued by the BoE and used by households and businesses for everyday payment needs.
The digital pound would be different to cryptocurrencies, which are not government-issued. Its value would be stable, said the BoE, “just like banknotes,” which means £10 in Britcoin would be the same value as the £10 banknote….