According to the treasury and Bank of England, Britain could launch a digital currency known as ‘Britcoin’ within the next decade. So, what will this mean for the UK?
Britcoin will play a vital role in the recovery of the UK’s post-brexit economy by stimulating economic growth with faster, cheaper and more secure transitions.
Retail and consumer spending could see a significant boost following the cost of living crisis.
Digital pound could open up new avenues for those in the entertainment industry, such as singers and musicians, to accept payment as well as sell merchandise and tickets.
Liam Solomon, Growth Manager at BitcoinCasinos.com said, “The adoption of a digital currency in the UK could stimulate economic growth by increasing the velocity of money, with Britcoin able to facilitate faster, cheaper and more secure transitions, reducing the cost of financial services for individuals and businesses.
Predictions from the OECD show the UK will be the only big wealthy economy to shrink this year, so the future of the digital pound could play a vital role in the recovery of the economy and post-brexit financial challenges. New technologies could open up new avenues for payments and the way in which money is used in the UK, with the UK aiming to be one of the top fintech capitals of the world, a digital pound could accelerate the UK’s position in the global digital economy.
Retail is one area where Britcoin could see significant usage. Consumer spending could see a crucial boost, following the cost of living crisis, with retailers able to offer discounts or even create loyalty schemes for using the currency. Additionally, gig economy workers could benefit, with a digital currency allowing them to receive payment quickly and easily without the need for traditional banking services.
In the entertainment industry, a digital pound could provide a new avenue to reach audiences. Musicians and artists could sell digital albums, merchandise and concert tickets directly to fans using Britcoin. Online gaming could also benefit from the adoption of a digital currency by enabling players to make in-game purchases without the need for credit cards or other payment methods. Britcoin may be viewed by some as a more legitimate currency than existing cryptocurrencies and so could be accepted by more games and online casinos.”