Britcoin Breakthrough: UKs Revolutionary Digital Currency Shatters Blockchain Expectations!

By Lola Coin Jun 27, 202355Views

The Bank of England has revealed that the UK’s central bank digital currency (CBDC), known as Britcoin, may not use blockchain technology. While many countries are exploring the use of blockchain for their CBDCs, the Bank of England is not convinced of its efficiency compared to conventional ledgers. Tom Mutton, the head of the Bank of England’s CBDC project, stated that they want to be compatible with distributed-ledger business models but have not yet reached a decision. Despite this, some officials at the Bank of England have been pushing for the digital pound. The UK has been researching CBDCs for over two years and launched a special task force in April 2021. A recent retail CBDC study concluded that there is a 70% chance of moving forward with the Britcoin project. The Bank of England’s consultation on Britcoin will end on June 30.

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