Digital pound

The Digital pound (also known as digital sterling or britcoin)[1] is a proposed central bank digital currency from the Bank of England. It is intended to supplement, not replace, cash in the United Kingdom.[1] The value of the digital pound would be the same as cash pound sterling so that £10 of digital pounds would have the same value as a banknote of £10.[1]

It differs from a cryptocurrency or cryptoasset as it is backed by the Bank of England and the Government of the United Kingdom.[1]

A public consultation lasting four months on the digital pound was announced on 6 February 2023.[2] A final decision on the implementation of a digital pound would be expected around 2025, with consumer usage expected in the late 2020s.[2]

References
  1. "The digital pound". Bank of England. Retrieved 8 February 2023.
  2. Elliott, Larry (7 February 2023). "'Britcoin' digital currency could be in use by end of decade". Retrieved 8 February 2023.
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