UK's digital currency 'Britcoin' could be launched only after a decade

London: The Treasury and the Bank of England are reportedly going to launch a virtual currency called “Britcoin” in an effort to make shopping go cash-less in the United Kingdom.

Reportedly, the Bank would issue a “digital pound” that would be convertible into currency and bank deposits, accessible through digital wallets.

Account holders may need to pay, nevertheless, in order to keep their money in the digital wallets that private providers have put up. The currency could be launched in the next ten years.

“A digital pound would provide a new way to pay, support businesses, retain trust in money, and better ensure financial stability,” stated Bank Governor Andrew Bailey.

Reportedly, the virtual currency will not pay interest and is not meant to be used for savings. The announcements have come amid concerns that major tech firms, like Facebook owner Meta, could develop its own digital currency and therefore divide the monetary system.

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