British Finance Minister Rishi Sunak announced that the Bank of England (BoE) and the Treasury have been tasked with developing a digital currency. He announced that the study aimed to look at the risks and opportunities involved in creating a new type of digital currency.
Jon Cunliffe, Deputy Governor of Financial Stability at the BoE, and Katharine Braddick, the Treasury’s Director General of Financial Services, will co-chair the team that will create Britain’s digital currency.
Britain takes the first step for Britcoin
Finance Minister Sunak announced that the country will be at the forefront of this economic innovation. The Treasury announced it would set up a forum bringing together technical experts and key stakeholders, including financial institutions, retailers, businesses, civil society groups, and consumers. Topics to be discussed include how the Bank of England will introduce its new currency into the economy, how citizens and businesses will use it, and inferences for financial stability.
The altar continued his explanations as follows:
“Our vision is a more technologically advanced financial services industry. The UK is already known for being at the forefront of innovation. However, we have to go further. If we can capture the extraordinary potential of technology, the UK can be positioned as the world’s leading financial center. “
With the decline in cash usage and the growing interest in cryptocurrencies such as Bitcoin, central banks have increased interest in the viability of digital currencies. The Bank for International Payments (BIS) survey found that 86% of central banks actively research the potential of digital currency, 60% have tried technology and 14% have implemented pilot projects. China, Russia, Canada, and Switzerland, the major states, have advanced their work on cryptocurrency.
The Central Bank of Turkey announced that R&D studies are being carried out for digital currency and preparing the legal infrastructure. He announced that his work would be completed by the end of this year.
And what do you think of the transition to digital currency? We welcome your thoughts to the comments.