Arab Press

بالشعب و للشعب
Thursday, Jul 03, 2025

Bank of England steps up planning for ‘Britcoin’

Bank of England steps up planning for ‘Britcoin’

The British government and the Bank of England have set up a taskforce to create a digital sterling or ‘Britcoin’, as central banks worldwide step up their work to beat Big Tech to the punch on creating blockchain-based currencies.
The taskforce still does not commit Britain to actually introducing a BoE-backed alternative to cash and electronic banking. No timeframe was announced for its work.

But it signals a step-up in the intensity and pace of British preparations for central bank digital currencies (CBDCs), as players including the RBA and the European Central Bank press ahead with public consultations and even pilot projects.

“This doesn’t mark a rapid dive into setting up a rival to bitcoin. Far from it. As cryptocurrency investors ride a wave of speculation, the government will be keen to distance itself from what is still seen as the wild west of the payments world,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

“However, officials clearly believe they can’t ignore the surge of interest in digital currencies, as a means of faster and more efficient money transfers.

“And there is also the threat hanging over central banks that unless they get their act together and enter the fray, digital currencies backed by Big Tech could end up being dominant in the future, especially as more societies drift towards being cashless.”

On Monday, National Australia Bank director Lisa Wade urged central banks to create digital versions of their fiat currencies so banks are not forced to use more volatile private options.

“If we don’t start building CBDC, people will use alternative mechanisms, and I personally would rather see stable and secure tokens,” she said.

A CBDC creates a secure electronic form of money for payments, based on blockchain. Its value is rooted in the value of an asset or currency, rather than having a bitcoin-like value that can gyrate and fluctuate based on speculative trading.

Stablecoins, as the CBDC and similar systems are known, have the potential to make payments smoother, cheaper and more convenient – and eliminate the uncertainty and residual risk in other forms of electronic payments, and the fiddle of using hard cash.

The ECB last week published a report on its public consultations for a digital euro, in preparation for starting “a formal investigation” in mid-2021 to look at creating a eurozone CBDC.

The consultation revealed that Europeans were very concerned about protecting their privacy, although most understood that if the system was to avoid opening a door to illicit activity then it could not allow full anonymity.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
×