United Kingdom Has a Plan to Create a Britcoin CBDC
Like many other countries, Great Britain is interested in creating a national cryptocurrency. Their government has announced that the new working group will research the possibility of issuing a “britcoin” CBDC. The Treasury and the Bank of England will work on it together. Тhey believe that the digital version of their national currency will help eliminate the unnecessary participation of third parties in financial operations.
However, the Bank of England doesn’t believe that the digital money will be able to become a full substitute for a pound sterling. They didn’t even make up their mind whether the country actually needs a CBDC. But other countries are interested in digital assets, and the United Kingdom apparently doesn’t want to miss out.
Speaking about the regulation, the interest of younger citizens in crypto assets can’t be denied, and the regulator is concerned about it. The poll showed that 59% crypto investors are very dependent on their savings. Due to a high volatility of the crypto market, they are exposed to significant financial risks.