According to media reports, on Monday local time, British Chancellor of the exchequer sunak officially announced the establishment of a special working group with the Bank of England to study the UK digital currency, aiming at coping with the challenges brought by cryptocurrencies such as bitcoin.

Sunak wrote on social media that the Bank of England's digital currency is called "britcoin", which is taken from the homophony of bitcoin and combines the two words "Britain" and "coin". The Bank of England said the electronic version of the pound would not replace cash or existing bank accounts. The Treasury said in a statement that neither the government nor the Bank of England has made a decision on whether to issue a digital currency in the UK, and the working group will listen widely to opinions on the benefits, risks and practicability.

For a possible digital currency, the Bank of England said it would not replace either physical cash or existing bank accounts. The Bank of England also revealed: "the government and the Bank of England have not yet made a decision on whether to introduce their own digital currency in the UK and will have extensive contacts with stakeholders on the benefits, risks and feasibility of doing so."

(2021-4-20)