Britcoin? Digital pound 'likely to be needed', say Treasury and Bank of England

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Formal talks are starting on Tuesday for the introduction of a new digital currency to the UK.

A decision on whether to integrate the government-backed “digital pound” into the economy could be made as early as 2025.

The Bank of England and the government said that a digital pound, which would be issued by the Bank of England, is “likely to be needed in the future” as use of cash and cards continues to change.

Nevertheless, the consultation and research process does not mean the central bank digital currency (CBDC) will definitely be issued, with the decision due to take place at a later stage