Cash in people's pockets would be superseded by a new 'Britcoin' digital currency in a plan being pushed by Chancellor Rishi Sunak. A taskforce of Treasury and Bank officials set up to examine the merits of Britcoin – known as the Central Bank Digital Currency – is expected to report to Mr Sunak by the end of the year. China has been testing a digital yuan; US Treasury secretary Janet Yellen has hinted that a digital dollar could be created; and the European Central Bank is investigating plans for a digital euro. Under plans being considered by officials, consumers might be able to hold the currency in accounts directly linked to the Bank of England. Retailers and other companies could accept the digital currency for ordinary payments that customers would otherwise have made with a debit or credit card.

Source: Daily Mail July 24, 2021 21:22 UTC