The UK has announced plans to design its own central bank digital currency, known as the Digital Pound or Britcoin, in order to keep up with the evolving technology of digital currencies. The UK Treasury and Bank of England have emphasized the need for additional examination of the potential implementation of a CBDC, taking a cautious approach and addressing concerns surrounding privacy and security. The design efforts will focus on assessing feasibility and potential design options, with a decision on whether to proceed with development to be made after consultations on legislation and potential launch. Skepticism from UK lawmakers and concerns from the public have been acknowledged, with privacy and control over funds being prioritized in any legislation introduced for a digital pound.
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