Saudi Press

Saudi Arabia and the world
Thursday, Jul 10, 2025

The UK is considering a new 'Britcoin' digital currency

The UK is considering a new 'Britcoin' digital currency

The UK has become the latest country to look into the potential of having a central bank-backed digital currency, following similar moves by China and Sweden.

British authorities are exploring the possibility of creating a new digital currency that UK Chancellor of the Exchequer Rishi Sunak indicated could be known as "Britcoin".

The Bank of England and the Treasury said on Monday that they will work together to assess the benefits of a central bank digital currency, at a time when cash payments are generally on the decline, partly as a result of the coronavirus pandemic.

The bank said the new currency - if it comes to pass - would be a new form of currency for use by households and businesses and would exist alongside cash and bank deposits rather than replacing them.

Digital currencies, which are only available in digital or electronic form, are already being explored or even implemented in several other countries, with many proponents drawing inspiration from the success of Bitcoin and other cryptocurrencies.

However, digital currencies, like the one being considered in the UK, are different from cryptocurrencies like Bitcoin as they are issued and regulated by state authorities.

Growing global interest


Currently, only the Bahamas has such a currency, though China is trialing it in several cities. Sweden has indicated it could have its own digital currency by 2026, while the European Central Bank (ECB) has indicated an electronic euro might be created within four years.

At the end of March, the Eastern Caribbean became the world's first currency union to issue its own digital currency - called "DCash" - for use on four island countries, St Lucia, Grenada, Antigua, and Barbuda, and St. Kitts and Nevis.

The new British task force is part of a series of measures that Treasury chief Sunak hopes will help the UK’s financial technology sector.

"Our vision is for a more open, greener, and more technologically advanced financial services sector," he told a fintech conference. "And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s preeminent financial centre".

Promoting Monday's announcement on Twitter, Treasury chief Sunak posted the word "Britcoin?" in response to the taskforce launch.


News of the new taskforce comes just days after Turkey announced a ban on the use of cryptocurrencies to make payments for goods and services.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×