The Bank of England and the U.K. Treasury stepped up work on creating a digital currency to sit alongside physical bank notes and sought to allay concerns that the work could threaten the stability of banks.
Officials at the two institutions said a central bank digital currency, or CBDC, which has been unofficially dubbed "Britcoin," could present significant opportunities for U.K. consumers and businesses after it's rolled out as early as the second half of this decade.
