FILE PHOTO: A general view shows The Bank of England and the City of London financial district, amid the outbreak of the coronavirus disease , in London, Britain, November 5, 2020. REUTERS/John SibleyLONDON: 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.
Other central banks are also looking at whether to set up digital versions of their own currencies, essentially widening access to central bank funds which only commercial banks can use at present. This could speed up domestic and foreign payments and reduce financial stability risks. BoE Governor Andrew Bailey has previously said bitcoin, the best known cryptocurrency, fails to act as a stable store of value or an efficient way to make transactions, making it ill-suited to serve as a currency and a risky bet for investors.Advertisement
Sunak proposed removing restrictions inherited from the EU, including on who can trade shares in London and the double volume cap.
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