The Bank of England is considering alternatives to blockchain technology for its upcoming digital pound, known as ‘Britcoin’. Tom Mutton, leading the bank’s Central Bank Digital Currency (CBDC) project, highlighted the uncertainty surrounding the choice of technology. The bank plans to test various ledger types, including public blockchains, to identify the best technological platform for a potential UK CBDC. More than 100 central banks globally are examining the benefits of digital currencies. The bank is keeping its options open and is currently seeking responses to its consultation on building a CBDC. The potential launch of a digital pound could be as early as the second half of this decade. If launched, the digital pound would primarily be accessible through wallets developed by private sector companies. The Bank of England is open to exploring options beyond blockchain technology. The final outcome for Britcoin is uncertain, depending on technological advancements, expert consensus, and the ongoing consultation.
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