From Dow Jones & Company:

The U.K. plans to create a digital version of the British pound to maintain “monetary sovereignty” in a world dominated by cryptocurrencies. The Bank of England and the Treasury predict the U.K. will need its own digital currency to keep up with technological advancements and prevent the fragmentation of the monetary system. This move could help protect the British economy’s stability, maintain the U.K.’s position in the global financial sector, and ensure the Bank of England’s ability to implement monetary policy. The ‘Britcoin’ would be pegged to the value of the pound and would maintain public trust through privacy protections. However, there are warnings against potential exploitation of data and exclusion from the UK’s economy. The report notes that any digital pound could take several years to launch.



Read more: U.K. to start work on ‘Britcoin’ to prepare for cryptocurrency dominated world