Beautiful Virgin Islands

Tuesday, Jul 15, 2025

Bank of England steps up planning for ‘Britcoin’

Bank of England steps up planning for ‘Britcoin’

The British government and the Bank of England have set up a taskforce to create a digital sterling or ‘Britcoin’, as central banks worldwide step up their work to beat Big Tech to the punch on creating blockchain-based currencies.
The taskforce still does not commit Britain to actually introducing a BoE-backed alternative to cash and electronic banking. No timeframe was announced for its work.

But it signals a step-up in the intensity and pace of British preparations for central bank digital currencies (CBDCs), as players including the RBA and the European Central Bank press ahead with public consultations and even pilot projects.

“This doesn’t mark a rapid dive into setting up a rival to bitcoin. Far from it. As cryptocurrency investors ride a wave of speculation, the government will be keen to distance itself from what is still seen as the wild west of the payments world,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

“However, officials clearly believe they can’t ignore the surge of interest in digital currencies, as a means of faster and more efficient money transfers.

“And there is also the threat hanging over central banks that unless they get their act together and enter the fray, digital currencies backed by Big Tech could end up being dominant in the future, especially as more societies drift towards being cashless.”

On Monday, National Australia Bank director Lisa Wade urged central banks to create digital versions of their fiat currencies so banks are not forced to use more volatile private options.

“If we don’t start building CBDC, people will use alternative mechanisms, and I personally would rather see stable and secure tokens,” she said.

A CBDC creates a secure electronic form of money for payments, based on blockchain. Its value is rooted in the value of an asset or currency, rather than having a bitcoin-like value that can gyrate and fluctuate based on speculative trading.

Stablecoins, as the CBDC and similar systems are known, have the potential to make payments smoother, cheaper and more convenient – and eliminate the uncertainty and residual risk in other forms of electronic payments, and the fiddle of using hard cash.

The ECB last week published a report on its public consultations for a digital euro, in preparation for starting “a formal investigation” in mid-2021 to look at creating a eurozone CBDC.

The consultation revealed that Europeans were very concerned about protecting their privacy, although most understood that if the system was to avoid opening a door to illicit activity then it could not allow full anonymity.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
×