PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

The UK Is Looking to Launch its Own Digital Currency: Britcoin  

By Connie Diaz De Teran
March 1, 2023
in Analysts Coverage, Digital Assets & Crypto, Digital Currency
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Britcoin

The Bank of England and the Treasury is working to create a central bank digital currency called “Britcoin” that may launch within the next decade.  

According to Private Banker International, “in response to the rise of privately issued cryptocurrencies and stablecoins,” the government has issued a four-month public consultation process.  

With so many private cryptocurrencies and stablecoins entering the market, yet experiencing worrisome volatility and crypto crises, such as the collapse of FTX, it makes perfect sense for the government to consider a digital currency backed by the central bank.  

The Antithesis of Crypto 

Britcoin will be “reliable and retain its value over time,” according to the Bank of England—a contrast to the ever-fluctuating cryptocurrencies. 

This initial interest from the UK government doesn’t come as a surprise. Many governments around the world are developing their own digital currencies to facilitate electronic payments and transfers for both consumers and businesses. What’s more, as more cryptocurrencies enter the market, many are just linked to existing digital currencies, such as Bitcoin, leaving users vulnerable to extreme volatility. As more digital currencies pop up, The Bank of England is rightly concerned about its position and adeptness in steering its economy. 

A Host of Benefits with Britcoin

The Bank of England sees many benefits to developing its own digital currency. Aside from making transactions faster and more affordable, micropayments for services can also be delivered affordably, in a more automated payment system. It also opens the doors to more business models. 

While the launch of Britcoin is still very much up in the air, whether or not it’ll be beneficial—if it does launch down the line—will depend on the amount of regulation that takes place in space, along with how dependable these exchanges can be as financial partners. 

One thing is certain, The Bank of England is making its way into the digitalization of banking.  

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: BitcoinCentral Bank Digital CurrencyCryptocurrenciesDigital CurrencyMicropaymentsStablecoins

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    recurring payments, PCI Compliance for small business, Fintech for Underserved Small Businesses

    Tariffs May Create an Opportunity in Small-Business Cards

    May 15, 2025
    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025
    solana financial

    After an Upgrade, Solana is Primed to Be the Blockchain of Choice for Financial Institutions

    May 6, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result