skip_previous play_arrow skip_next
00:00 00:00
  • cover play_arrow

    Rother Radio (128k) Love Local, Love Music!

  • cover play_arrow

    Rother Radio (64K) Love Local, Love Music!

  • cover play_arrow

    Hit Music Radio (128K) More Music Variety!

  • cover play_arrow

    Hit Music Radio (64K) The Best Variety of Hits!

Business News

‘Britcoin’ consultation to begin next year – but no launch before 2025


share close

The UK’s central bank has said it will begin consulting on plans for launching a “Britcoin” next year – but has cautioned that no such central digital currency will arrive before 2025.

The Bank of England (BoE) will work with the Treasury to judge the need for a UK Central Bank Digital Currency (CBDC), it said in a statement on Tuesday.

This consultation, to be started in 2022, will include what further work needs to be done to develop the necessary technology to support the digital money.

Please use Chrome browser for a more accessible video player

Bank of England deputy discusses cryptocurrencies

Earlier this year, the BoE and the Treasury established a joint taskforce to explore the potential for a digital currency issued by the UK.

The bank isn’t entirely bullish on cryptocurrencies, however.

Last month, the central bank’s deputy governor, Jon Cunliffe, said that digital currencies such as Bitcoin could trigger a financial crisis without the intervention of strict government regulations.

“This consultation will begin an open discussion on the role a UK central bank digital currency might play in the UK,” said John Glen, economic secretary to the Treasury.

More on Cryptocurrencies

“I’d encourage everyone to contribute to the discussion, so we can explore the opportunities this could bring, as well as understanding any risks it may pose.”

The consultation will evaluate the main issues at hand, consider high-level design features, possible benefits and implications for users and businesses, and considerations for further work, a statement from the BoE said.

If it concludes that there is a case for a new digital currency issued by the central bank, and that it is operationally and technologically robust, the earliest date for launch would be in the second half of the decade.

A screen displays a headline banner that reads; Bitcoin Hits Record High, as a trader works on the floor of the New York Stock Exchange
Image: A number of cryptocurrencies have been surging in price this week

Subscribe to the Daily podcast on Apple Podcasts, Google Podcasts, Spotify, Spreaker

A number of cryptocurrencies have been surging in price this week, fuelled by concerns around inflation and enthusiasm for wider mainstream adoption.

Bitcoin, the most valuable virtual currency, hit $68,564 (£50,541) on Tuesday, while ether, the second-biggest cryptocurrency by market value, earlier hit a record level of $4,842 (£3,569).

Analysts expect both to continue to climb higher in the coming weeks.

Bitcoin and ether have more than doubled since June, and added nearly 70% against the dollar since the start of October.

 Sky News

© Sky News 2021

Written by: Rother Radio News

Previous post

World News

Ethiopia crisis escalates as 16 UN staff detained and Britons warned to leave immediately

At least 16 UN workers have been "detained against their will" in war-torn Ethiopia, while British nationals have been told to leave the African nation immediately.Since Ethiopia declared a state of emergency last week, the government has been able to arrest anyone suspected of being involved with a terrorist group without needing a court order. The Tigray People's Liberation Front (TPLF) was called a terrorist group by the country's parliament earlier this year after fighting broke out in November 2020 […]