{"id":25361,"date":"2023-02-09T11:58:07","date_gmt":"2023-02-09T11:58:07","guid":{"rendered":"https:\/\/bitcoinprbuzz.com\/?post_type=blog&p=25361"},"modified":"2023-03-01T11:58:39","modified_gmt":"2023-03-01T11:58:39","slug":"britcoin","status":"publish","type":"blog","link":"https:\/\/wire.bitcoinprbuzz.com\/blog\/britcoin\/","title":{"rendered":"Could the UK public be using \u201cBritcoin\u201d by the end of this decade?"},"content":{"rendered":"

It\u2019s not exactly an entirely new story, but it\u2019s one that is nonetheless tantalising to many of those following the latest crypto and Bitcoin news; the UK Government and the Bank of England have said consumers could be using a new state-backed digital pound before the 2020s are out. <\/span><\/p>\n

The BBC reported that both the UK Treasury and the country\u2019s central bank were keen to ensure the public were able to access safe and easy-to-use money in the digital age. <\/span><\/p>\n

However, such a \u201cBritcoin\u201d also doesn\u2019t look set to become a reality until 2025 at the earliest. <\/span><\/p>\n

What have UK officials said about the possibility of a digital pound? <\/b><\/p>\n

The two institutions published a consultation paper on the prospect of a digital pound, or central bank digital currency (CBDC), which they said was \u201clikely to be needed in the future\u201d. <\/span><\/p>\n

The UK\u2019s Chancellor of the Exchequer, Jeremy Hunt, said that \u201cwhile cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that\u2019s trusted, accessible and easy to use. <\/span><\/p>\n

\u201cThat\u2019s why we want to investigate what is possible first, whilst always making sure we protect financial stability.\u201d <\/span><\/p>\n

Andrew Bailey, Governor of the Bank of England, added that \u201cthe case for a digital pound in the future continues to grow\u2026 however, there are a number of implications which our technical work will need to carefully consider.\u201d <\/span><\/p>\n

Do we know much yet about what form a digital pound would take? <\/b><\/p>\n

In addition to being issued by the Bank of England and being \u201cwidely available and convenient to use\u201d, HM Treasury said that a digital pound would be interchangeable with cash and bank deposits, serving as a complement to cash. \u00a310 of the digital currency would always be of equal worth to \u00a310 of cash. <\/span><\/p>\n

The department said that such a \u201cBritcoin\u201d would effectively replicate cash\u2019s role in a digital world, with households and businesses able to use it for everyday payments online and in stores. <\/span><\/p>\n

The private sector would offer digital wallets to consumers, enabling them to access their digital money through smartphones or smartcards. <\/span><\/p>\n

The Treasury further said that \u201crigorous standards of privacy and data protection\u201d would be in force to prevent the Government or the Bank from accessing holders\u2019 personal data \u2013 equating to \u201cthe same level of privacy as a bank account\u201d. <\/span><\/p>\n

However, the Government added that no decision had yet been made on whether to actually build a digital currency \u2013 this would have to wait until \u201caround the middle of the decade\u201d. <\/span><\/p>\n

At a time when CBDCs are becoming an ever-greater topic of conversation among authorities across the globe \u2013 including in the United States, China, the Eurozone, and other jurisdictions \u2013 even the mere suggestion of a \u201cBritcoin\u201d being built within a few years is sure to fire imaginations. <\/span><\/p>\n

If your organisation has crypto or Bitcoin news of its own to share, our team at Bitcoin PR Buzz is here to disseminate that news to a broader audience. Please don\u2019t hesitate to email <\/span>contact@bitcoinprbuzz.com<\/span><\/a> to learn more about our press release service.  <\/span><\/p>\n

 <\/p>\n\n\n","protected":false},"excerpt":{"rendered":"

It\u2019s not exactly an entirely new story, but it\u2019s one that is nonetheless tantalising to many of those following the latest crypto and Bitcoin news; the UK Government and the Bank of England have said consumers could be using a new state-backed digital pound before the 2020s are out.  The BBC reported that both the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","format":"standard","meta":{"_eb_attr":"","_jf_save_progress":"","_jet_sm_ready_style":"","_jet_sm_style":"","_jet_sm_controls_values":"","_jet_sm_fonts_collection":"","_jet_sm_fonts_links":""},"categories":[],"tags":[],"blog":[],"yoast_head":"\nBitcoin PR Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Bitcoin PR Buzz\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/wire.bitcoinprbuzz.com\/wp-content\/uploads\/formidable\/17\/Bitcoin-PR-Buzz-Main-Logo-1.jpg?fit=568%2C121&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"568\" \/>\n\t<meta property=\"og:image:height\" content=\"121\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@BitcoinPRBuzz\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"CollectionPage\",\"@id\":null,\"url\":\"\",\"name\":\"\",\"isPartOf\":{\"@id\":\"https:\/\/wire.bitcoinprbuzz.com\/#website\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wire.bitcoinprbuzz.com\/#website\",\"url\":\"https:\/\/wire.bitcoinprbuzz.com\/\",\"name\":\"Bitcoin PR Buzz\",\"description\":\"The Original Bitcoin PR Agency - 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