Britcoin: UK Forms Taskforce for the Launch of Digital Sterling

The United Kingdom has become the latest country to plan for a central bank digital currency (CBDC) launch as Chancellor Rishi Sunak announced on Monday the formation of a joint task force by the HM Treasury and Bank of England (BoE).

“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),” Sunak said while addressing a financial industry conference.

The latest move is viewed as the country’s step against the rising threats of a cryptocurrency economy. Sunak even tweeted the name 'Britcoin', but no such names were approved officially.

Britcoin? #UKFW21 https://t.co/Slk5lwUvrV

— Rishi Sunak (@RishiSunak) April 19, 2021

Despite the progressive move, the British central bank clarified that no official decision has been made yet to introduce the digital version of the pound sterling, and the task force will only engage widely with stakeholders on the benefits, risks and practicalities of a CBDC.

However, the monetary regulator specified that such a digital version of sterling will not affect the cash-based economy and the existing monetary system.

With China being a forerunner among the major economies to launch a digital currency, central banks around the world are now considering the launch of their respective digital fiats. In addition, the BoE was a participant of an earlier formed consortium of several top global central banks to study the feasibility of a CBDC.

Regaining Financial Dominance

On the other hand, Sunak’s plan is looking to drag Britain out of the financial impact of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term through innovation.

“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further,” the Chancellor said.

“The steps I’ve outlined today, to boost growing Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term, push the boundaries of digital finance, and make our financial markets more efficient, will propel us forward. And, if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial center.”