Britcoin: Rishi Sunak reveals further details about UK CBDC

Britcoin: Rishi Sunak reveals further details about UK CBDC

Rishi Sunak – the UK's Chancellor of the Exchequer – has revealed further details about the progress of the Treasury taskforce on Central Bank Digital Currencies (CBDCs).

The Chancellor explained the proposed CBDC – already dubbed ‘Britcoin' – would be a new form of digital currency issued by the Bank of England for day-to-day household usage as well as commerce by businesses.

In his post, the 41-year-old explained the proposed currency would be aimed at keeping the powerful British financial system at the cutting edge of technology, but stressed it would avoid replacing existing fiat cash systems.