Sources revealed that the British Government has asked the Bank of England to find a way to launch a new digital currency, which has been coined ‘Britcoin’, to use alongside Sterling pounds.
Following in the footsteps of the Bahamas, Cambodia and China, if Britain takes this step, it could enable other countries to dive into the world of digital currencies. 
What is Bitcoin?
Often described as cryptocurrency, Bitcoin is a virtual or digital currency that is completely virtual. It is not like online banking, where you can withdraw physical notes and coins, but rather an online version of cash. 
Like all money, you can use it to buy products and services. However, many shops do not accept Bitcoin, and some countries have even banned it. 
Despite shops and countries rejecting the use of Bitcoin, many high profile football clubs have embraced this new way of buying and are paying some of their players with this digital currency.
Benefits of Britcoin
Britcoin would enable companies and households to use a new risk-free form of bank money. Experts from the Bank of England say it could even provide a more efficient and faster electronic payment system and allow the private sector to create services that give greater choices to their customers. 
For information on related issues, please contact us today.