The UK will explore a Bank of England-backed cryptocurrency called Britcoin Apr 19, 2021, 05:04 PM
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It is a cryptocurrency backed by the Bank of England.
A new task force was launched on Monday to look into a central bank digital currency or CBDC.
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British finance minister Rishi Sunak revealed the UK is exploring the feasibility of britcoin, Reuters reported. We re launching a new task force between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC), Sunak said during the UK FinTech Week conference, as reported by Reuters.
Flight path
Department for International Trade announces package of export support for world-leading Fintech industry to boost trade, jobs and economic growth.
Support includes bespoke FinTech Export Academy and FinTech Export Champions scheme to provide 1-2-1, sector-specific advice.
FinTech sector employs around 76,500 people in the UK and is worth more than £11 billion to the economy.
Promoting the UK as a global hub for FinTech and digital service, the Department for International Trade (DIT) has announced a series of measures that will help boost our presence in overseas markets.
Marking this year’s UK FinTech Week, new support for the industry will help businesses more directly, making sure that they have the capabilities to export their products so UK firms can become world leaders in Fintech and industries of the future.
Date
19/04/2021
Today the Chancellor of the Exchequer made an announcement as part of UK FinTech Week 2021, welcoming the Bank of England’s new omnibus account model, devised to allow new and innovative financial market infrastructures to access central bank settlement money. Her Majesty’s Treasury and the Bank of England also issued a press release on the publication of this policy. Fnality International
, a private sector initiative supported by 15 major financial institutions, is delighted to announce that it has already made an application and notes this major milestone on its journey to launch innovative DLT based payment systems, together comprising Fnality Global Payments.
Exporting boost to UK FinTech sector to help build back better gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.
UK forms taskforce for state-backed digital currency Britcoin
A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders role in the financial system
Reuters | April 19, 2021 | Updated 22:21 IST
Sunak tweeted the single word Britcoin in reply to the finance ministry s announcement of the taskforce
British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new Britcoin , or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.