‘BRITCOIN' DIGITAL CURRENCY BEING CONSIDERED BY UK

British authorities are exploring the possibility of creating a new digital currency that Treasury chief Rishi Sunak touted as “Britcoin.”

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The Bank of England and the Treasury said this week that they will work together to assess the benefits of a central bank digital currency, at a time when cash payments are generally on the decline, partly as a result of the coronavirus pandemic.

The bank said the new currency if it comes to pass, would be a new form of digital money for use by households and businesses and would exist alongside cash and bank deposits, rather than replacing them.