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| Britcoin? UK considers developing digital sterling as cash payments decline | Britcoin? UK considers developing digital sterling as cash payments decline |
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| The Bank of England said it would team up with the UK Treasury to explore a potential national virtual currency as Britain eyes joining the crypto-frenzy that has gripped state regulators across the world. | The Bank of England said it would team up with the UK Treasury to explore a potential national virtual currency as Britain eyes joining the crypto-frenzy that has gripped state regulators across the world. |
| The taskforce will coordinate work on a possible “Central Bank Digital Currency (CBDC)” that could be used by both households and businesses, and would exist alongside cash and bank deposits. | The taskforce will coordinate work on a possible “Central Bank Digital Currency (CBDC)” that could be used by both households and businesses, and would exist alongside cash and bank deposits. |
| “Our vision is for a more open, greener, and more technologically advanced financial services sector,” the UK Treasury chief Rishi Sunak told a fintech conference. | “Our vision is for a more open, greener, and more technologically advanced financial services sector,” the UK Treasury chief Rishi Sunak told a fintech conference. |
| “And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s preeminent financial center,” the state official added. | “And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s preeminent financial center,” the state official added. |
| The CBDC taskforce is expected to look at use cases, opportunities and risks of a potential “digital pound.” | The CBDC taskforce is expected to look at use cases, opportunities and risks of a potential “digital pound.” |
| The decision comes amid a progressive decline in cash payments, partially as a result of the Covid-19 pandemic. Just one in ten payments in Britain is expected to be made with traditional paper money by the end of this decade. | The decision comes amid a progressive decline in cash payments, partially as a result of the Covid-19 pandemic. Just one in ten payments in Britain is expected to be made with traditional paper money by the end of this decade. |
| “The world is going the way of digital currencies and we have to find a place for them in the mainstream,” said Anne Boden, founder and chief executive of app-based Starling Bank, as quoted by AP. | “The world is going the way of digital currencies and we have to find a place for them in the mainstream,” said Anne Boden, founder and chief executive of app-based Starling Bank, as quoted by AP. |
| Virtual currencies for use on the national level are currently being explored, and even implemented by several countries. China is close to becoming the first major economy to do so. | Virtual currencies for use on the national level are currently being explored, and even implemented by several countries. China is close to becoming the first major economy to do so. |
| Earlier this month, the Bank of Japan announced that it had begun experiments to study the feasibility of issuing its own digital currency, while the Bank of Russia revealed a concept for the digital ruble, pledging to create the prototype by the end of 2021. Top US officials are reportedly mulling the idea of creating a digital dollar. | Earlier this month, the Bank of Japan announced that it had begun experiments to study the feasibility of issuing its own digital currency, while the Bank of Russia revealed a concept for the digital ruble, pledging to create the prototype by the end of 2021. Top US officials are reportedly mulling the idea of creating a digital dollar. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |