The Bank of England (BoE) should consider launching its own "Britcoin", a digital version of sterling, Reuters has learned, citing British Finance Minister, Rishi Sunak. The digital currency would help businesses and consumers to sidestep financial intermediaries as their accounts would be stored on the BoE's platform, Sunak said.
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While the ministry has already launched a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a central bank digital currency (CBDC), the BoE has not made a decision on whether to introduce a CBDC in the UK.
The watchdog said it will engage with stakeholders on the "benefits, risks and practicalities of doing so." Sunak's call for the UK's digital currency comes after Sweden's central bank, the Riksbank, said it might launch its own digital currency within five years. The bank's Governor Stefan Ingves said the concept of digital króna has already set to enter a new post-cash era.
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