UK thinking about digital currency: is it time for Bitcoin?

The United kingdom It joins the ranks of the participating countries in one assessment Digital currency issued by the central bank (CBDC – Central Bank digital currency).

Advisor Rishi Sonak Yesterday it was announced the creation of a new working group that will have the task of exploring the feasibility of central bank digital currencies that will be issued by the Bank of England and are commonly used by citizens and companies. It will thus be an “official” digital currency that will be issued in circulation alongside regular cash and bank deposits.

Counselor Sunak himself suggests, “BritcoinHowever, whether as a joke or not, as the name of the new digital currency is unclear.

The work team will take care, As mentioned by the Bank of EnglandTo assess objectives, use cases, opportunities, risks, and CBD design features. Alongside these tasks, there will also be monitoring of international developments in the field of digital currencies issued by central banks, with the aim of “ensuring that the UK remains at the forefront of global innovation.”

According to an investigation he conducted World Economic ForumAbout 86% of central banks are exploring what the advantages and disadvantages of digital currencies could be, especially in the face of the decline in the use of cash and the increase in interest in cryptocurrencies, especially among the younger generations.