The digital pound is not a cryptocurrency, the leadership of the Bank of England (BoE) insists and asks not to call the future state CBDC “Britcoin”, as it has already been dubbed in the media.
“The digital pound should not be identified in the minds of people with crypto assets such as bitcoin. I want to correct this misconception,” said Bank of England Deputy Governor Jon Cunliffe.
Most cryptocurrencies are “highly speculative” and “have no intrinsic value,” the official said. He added that there are technologies behind cryptocurrencies that could help develop a digital pound. However, there are a lot of options.
Now the Bank of England and the United Kingdom Treasury are developing a plan to create a digital currency that will provide a new payment method without becoming a mandatory replacement for cash.
The Treasury and the BoE will seek feedback on how best to approach the creation and regulation of the digital pound. Treasury Secretary Jeremy Hunt said earlier that the two organizations will seek to develop a modernized digital payment system that does not exclude the use of cash.
Source: Bits
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