BritCoin
The United Kingdom is considering digital currency. This which is a good signal of the progressive thinking by the nation to upcoming trends made headline and comes not with the intention to scrap the current means of transaction- paper cash- but to work hand in hand with it.
In a conversation at the Fintech week, Rishi Sunak, Chancellor of the Exchequer, spoke on regulatory support and structural reforms towards British implementation of digital currency.
“Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial center.
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It must be noted that digital currencies can be decentralized, this happens when the regulation of cash supply can come from multiple sources. Digital currencies can also be centralized, a situation where there is a midpoint of control over cash supply, just like the way the regular central banks work.
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