Sterling digital currency refers to a digital representation of the British pound sterling. This term most commonly applies to a potential central bank digital currency (CBDC) issued by the Bank of England, or to stablecoins pegged to GBP. Such a digital currency would aim to provide a secure, efficient, and widely accessible electronic payment method, maintaining a stable value equivalent to physical sterling. It represents a significant modernization of national monetary infrastructure.
Context
News frequently covers discussions and developments surrounding a sterling digital currency, often referred to as “Britcoin,” with the Bank of England actively exploring its feasibility. Key debates involve its potential impact on commercial banks, privacy implications for users, and its role in fostering financial innovation. The implementation of such a currency would reshape the UK’s payment landscape and its position in the global digital economy.
This industry-wide GBTD pilot leverages DLT to reduce counterparty risk and friction across three critical sterling use cases, optimizing capital efficiency and systemic integrity.
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