Britcoin: The future of currency in the UK?
Summary
With official talks surrounding the new digital currency commencing in early February, the proposed idea hopes to have a basis to work from within the next four months or so. Put simply, Britcoin is a potential British digital currency that, unlike typical cryptocurrencies such as Bitcoin or Ethereum, would be directly tied to the pound – also known as a ‘stablecoin’. However, unlike traditional banks, Britcoin is not intended to be used as a method of saving your money, but this is conditioned to change based on its potential popularity looking forward. Typically, these would be overseen by high street banks who would apply hefty levy charges to them, however with a centralised digital currency this additional hassle and cost would be removed. Once all of the design and consultation are finalised and a significant investment is made to propel the digital currency into the limelight, we could not only be seeing but be actively using Britcoin come the end of the current decade.