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· Posted on
May 10, 2021

Creative genius envisions new name for UK's digital currency... "Britcoin".

The Bank of England have decided to launch their own digital currency called the "Britcoin".

What's the key learning?

  • If banks don't create digital currencies, then it is likely that big corporations will take over.
  • Cryptocurrencies could start to become mainstream and used as main source of money

WTF IS BRITCOIN?

The British government and the Bank of England have set up a team to create a digital currency - AKA  “Britcoin”.

Government organisations around the world - like the Reserve Bank here in Australia and the European Central Bank - are progressing with plans to explore their own digital currencies.

Britain has announced it is making plans for its own central bank digital currency. This would essentially become a digital version of their existing currency.

So, what's the key learning?

Central banks around the world have realised that unless they get moving faaast, there is a risk of two distinct options plating out. Spoiler alert: neither option is good for the central banks.

Option 1: Big Tech companies (ie Facebook, Google, Apple) will create the dominant digital currencies of the future. In 2019, Facebook announced their digital currency named Diem (previously known as Libra). This has the potential to become very popular, very quickly, thanks to Facebook’s 2.8 billion users.

Option 2: Cryptocurrencies could possibly become 'fiat' (ie. regular) currencies globally. In other words, citizens around the world could possibly start using the unregulated currencies as their main source of money.

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