LONDON (AP) — British authorities are exploring the possibility of creating a new digital currency that Treasury chief Rishi Sunak indicated could become commonly known as “Britcoin.” The Bank of England and the Treasury said Monday they will work together to assess the benefits of a central bank digital currency, at a time when cash payments are generally on the decline, partly as a result of the coronavirus pandemic. Digital currencies, which are only available in digital or electronic form, are already being explored or even implemented in several other countries. Many proponents draw inspiration from the success of Bitcoin and other cryptocurrencies. But digital currencies like the one being considered in the U.K. are different as they are issued by state authorities.
