Following reports from a Scottish newspaper about the UK’s exploration of a central bank digital currency (CBDC) dubbed “Britcoin”, the UK Chancellor Rishi Sunak has since responded, insisting that a CBDC would not replace cash.
“Any potential UK CBDC would exist as a complement to cash and bank deposits, and not a replacement. We know that cash remains vital for millions of people and are fully committed to ensuring people across the UK can continue to access it,” said Sunak in a Linkedin post.
Some cash features are beneficial, such as its physical nature means it does not rely on any technical infrastructure. Cash can also be held anonymously, ensuring privacy in payment transactions.
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