Britcoin? UK Gets Closer to Launching a Digital Currency

Britcoin is moving closer to reality.

U.K. authorities said British businesses and consumers are likely to need a digital version of the pound, formally asking for public comment on the idea of introducing a central bank digital currency.

Britain, home to the world's second-biggest financial center, is trailing former colonies such as Nigeria, the Bahamas and Jamaica in rolling out a digital currency. More than 80% of the world's central banks are considering launching digital currencies or have already done so, according to the consultant PwC.

While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that's trusted, accessible and easy to use, Treasury chief Jeremy Hunt said in a statement. That's why we want to investigate what is possible first, whilst always making sure we protect financial stability.

The call for public input comes almost two years after the Treasury and Bank of England said they were considering introducing a digital currency.