Bank of England details digital pound model, calling plans ‘likely’

Digital Pound

The UK is moving forward with its central bank digital currency (CBDC) plans after publishing an in-depth consultation paper on the proposed digital pound, which has been dubbed “Britcoin”.

In its 116 pages, the paper details the Bank of England (BoE) and UK Treasury’s stance on the “likely need” for a digital pound and their proposed model. A technology working paper was also released to explain technical design concepts and decisions.

The paper reiterates the...