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The Bank of England said 20% of commercial banking deposits could shift to 'Britcoin' - and dismissed stablecoins as an alternative

6 days ago   |   By Business Insider

The Bank of England's Andrew Bailey discussed plans for 'Britcoin', a digital currency backed by UK central bank reserves. Thomson Reuters
The Bank of England said a reserve-backed digital currency could reduce commercial deposits by 20%.
Central bankers were meeting to discuss 'Britcoin', a potential name for the digital pound.
The bank's governor Andrew Bailey also dismissed stablecoins as a potential alternative.
The Bank of England has said commercial bank deposits could fall by a fifth if plans for a digital pound are implemented. Central bankers, including governor Andrew Bailey...
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