UK Finance Minister indicates introducing digital currency 'Britcoin'

London: – British Finance Minister Rishi Sunak hinted at launching a digital currency called ‘Britcoin’. In this regard, the UK Finance Department and the Central Bank’ Bank of England’ set up an independent task force a few months ago. Against the backdrop of Corona and Brexit, the British economy is likely to develop a crisis. It is claimed that digital currency could provide an impetus to the economy. China is currently implementing the digital yuan on an experimental basis, and last month Singapore also signalled the development of a digital currency.

The digital currency ‘Britcoin’ will be the digital version of the British currency Pound. Insiders claim that introduction of ‘Britcoin’ could be a major turning point in Britain’s economy and financial sector. It is also important to note that the Bank of England, the central bank of the United Kingdom, will control the digital currency.

It is argued that through the medium of this digital currency, the central bank can deposit funds directly into the citizen’s account. It is argued that this could be of great benefit to the economy.

This will save time and cost for online transactions as well as transfers in the banking sector. Small businesses are also expected to benefit greatly from the ‘Digital Currency‘.

The UK Treasury seems to be taking rapid steps towards the ‘Digital Currency’ to curb the growing trend towards cryptocurrencies like ‘Bitcoin’. A few days ago, in a major operation in the United Kingdom, Binance Exchanges transacting in the cryptocurrency were banned.

Swift, the central hub for international transactions, released a detailed report on digital currencies last month. It said more than 50 per cent of central banks worldwide were moving to launch a ‘Digital Currency’.

Two years ago, announcements were made by leading multinationals such as Facebook, Amazon and JP Morgan regarding digital currency. At the same time, China, Japan, the United Kingdom and the European Union, and the Gulf and Asian countries have been pushing for digital currencies.

China has been trying to use the digital yuan as its currency since 2014. Over the past year, China had launched a campaign to use it in various cities on an experimental level. A few months ago, it was reported that China had started talks with countries such as the United Arab Emirates and Thailand on using digital currency.

Against this backdrop, the concrete signals from leading economies like the United Kingdom regarding digital currency become significant.