Britcoin? UK gets closer to launching a digital currency

By DANICA KIRKA
Associated Press

LONDON (AP) — Britcoin is moving closer to reality. U.K. authorities say British businesses and consumers are likely to need a digital version of the pound. They formally asked for public comment Monday on the idea of introducing a central bank digital currency. Britain is home to the world’s second-biggest financial center but is trailing former colonies like Nigeria, the Bahamas and Jamaica in rolling out a digital currency. Consultant PwC says more than 80% of the world’s central banks are considering launching digital currencies or have already done so. It would be backed by the Bank of England, which says the new currency would be “reliable and retain its value over time.” That contrasts with cryptocurrencies that can fluctuate wildly.