‘Britcoin?’ - UK Gives an Overview of CBDC Implementation - Kakiforex.com - Financial Market Media No. 1 in the World ‘Britcoin?’ - UK Gives an Overview of CBDC Implementation ‘Britcoin?’ - UK Gives an Overview of CBDC Implementation

April 20, 2021

‘Britcoin?’ - UK Gives an Overview of CBDC Implementation

 After the Bahamas, China, Thailand and Russia, it is the turn of the United Kingdom (UK) to want to issue the central bank's digital currency (CBDC).

The news was self -reported by HM Treasury yesterday, revealing the Head of the UK Treasury, Rishi Sunak proposed the establishment of a team to conduct a study on the production potential of CBDC.

Based on official documents uploaded on the official gov.uk web, the effort demands a merger of HM Treasury and the Bank of England (BOE).

It will be chaired by two officials: Jon Conliffe (BOE Deputy Governor) and Katharine Braddick (HM Treasury Director General). While other authorities will join if needed.

However, it is only a preliminary study and investigation into the establishment of digital assets. The UK and BOE administrations have yet to decide whether or not to introduce the CBDC in the country.

At the same time, Sunak yesterday afternoon uploaded a tweet: ‘Britcoin?’, As if to give an initial impression if the CBDC is implemented.

Certainly the introduction of CBDC in the UK is in stark contrast to standard cryptocurrencies such as Bitcoin and others which are clearly high in price volatility.

Most importantly, the UK will focus on a stable and law-abiding digital currency.