Following COVID businesses across the UK have had to change their processes in order to minimise human contact and keep customers safely social distanced. This has meant that many UK companies were forced to move into taking digital payments rather than accepting cash as their preferred method of payment.
For UK companies there are good reasons for accepting digital payments. It means that they don’t have to hold on to as much cash which puts them at less risk of physical theft and they can save time in not having to count money at the end of a business day. With digital transactions they are clearly balanced on the bank sheet and often payments can be set against specific produce which is great for drilling down statistics on products sold.
Britcoin is being explored by the Bank of England
So, as we move further into the acceptance of digital currency, the new Britcoin is now being explored by the Bank of England. Commissioned by the UK treasury and Rishi Sunak, following increasing concern at the speed in which cryptocurrencies are growing and how institutions are beginning to accept crypto as a form of payment.
Comparatively, to existing crypto which isn’t regulated, is decentralised and backed by network users, Britcoin would be regulated. Designed by the Bank of England, they would in effect release digital money tokens in the same way that paper money is made. The Britcoin tokens could be used to buy and sell goods and bypass the middlemen in the case of the commercial banks.
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