Shoppers could be using a digital currency dubbed ‘Britcoin’ instead of cash under plans being considered by the Treasury and the Bank of England.
The proposals would create a ‘digital pound’ issued by the Bank, accessed through digital wallets and interchangeable with cash and bank deposits.
However, account holders might have to pay to hold the money in the digital wallets set up by private providers.
Shoppers could be using a digital currency dubbed ‘Britcoin’ instead of cash under plans being considered by the Treasury and the Bank of England
The currency could be launched by the next decade, according to a consultation being launched today.
Bank governor Andrew Bailey said: ‘A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.’
The digital coin is not intended to be used for savings and will not pay interest.
It comes amid fears big tech companies such as Facebook owner Meta could create their own digital currencies that could fragment the monetary system.
