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U.S banks brace for digital dollars as the next big disruptive force
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Bank and Treasury launch taskforce to explore creation of e-currency Camilla Canocchi for Thisismoney.co.uk © Provided by This Is Money MailOnline logo
The Bank of England and the Treasury will launch a new joint taskforce to explore the pros and cons of creating a Britcoin - a central bank digital currency for the UK.
Chancellor Rishi Sunak said the taskforce is being set up as part of a series of measures to boost the UK s financial technology sector after Brexit, including the removal of restrictions on who can trade shares in London.
Central banks have been concerned over the growing popularity of cryptocurrencies like Bitcoin, given their potential to become systemically important payment systems and replace standard currencies like the pound.
A digital dollar would resemble cryptocurrencies such as bitcoin or ethereum in some limited respects, but differ in important ways.
Rather than be a tradable asset with wildly fluctuating prices and limited use, the central bank digital currency would function more like dollars and have widespread acceptance. It also would be fully regulated and under a central authority.
Myriad questions remain before an institution as large as the Fed will wade in. But the momentum is building around the world. A major move to introduce central bank digital currencies (CBDCs) could actually disrupt the financial system, Chetan Ahya, chief economist at Morgan Stanley, said in a report for clients. Efforts to introduce CBDCs are gaining momentum, with as many as 86% of the world s central banks exploring digital currencies.