Media Misreporting, Bank of England Clarifies: We are Assessing the Issuance of Digital Pound, Not "Britcoin"

The Bank of England has released its latest research report on central bank digital currencies (CBDC). As many countries have mostly been all talk and no action when it comes to CBDC, it is no longer news, and the specific timing of the UK's launch remains uncertain. However, due to misleading information in the traditional media, there seems to be some attention drawn to it, with the name referenced sounding too similar to Bitcoin: "Britcoin."

Major Media Coverage on Britcoin

CNN, ABC News, and The Washington Post have all reported on Britcoin. According to CoinDesk, Bank of England Deputy Governor Jon Cunliffe emphasized at a meeting that the digital currency they plan to issue is called the Digital Pound:

The public may confuse the Digital Pound with cryptocurrencies like Bitcoin, and I want to correct that. Most cryptocurrencies are highly speculative and have no intrinsic value. While some technologies may help in developing the Digital Pound, the central bank has not yet decided to use distributed ledger technology.

He also stressed the importance of setting limits for holdings, and the consultation document indicates that individual limits will range between £10,000 and £20,000.

Despite criticizing cryptocurrencies, the document also mentions the opportunity for coexistence with private stablecoins and encourages ongoing innovation by private stablecoin issuers.

News related to CBDCs occasionally emerges in the market, but adoption and development progress seem close to zero. China's digital currency DCEP has been in pilot projects for nearly three years since 2020, and the Bank of England also stated that the Digital Pound will not be launched before 2025 at the earliest.