The Central Bank of England is considering launching a digital currency (CBDC) in the near future.
Deputy governor for financial stability, Sir Jon Cullife, explained that customers may prefer stable coins to bank offerings.
He also admitted that the institution might need to hand out a digital currency to maintain customers’ confidence in money.
“The knowledge that under stress depositors have the option to switch into state money may be important in preventing a more general loss of confidence in money,”Cunliffe explained
“to have greater functionality and lower transaction costs than the current commercial bank digital money offering and could quickly attract a large number of users.”
Multiple reports believe the currency will be called “Britcoin.”