article 🪙💻 Britcoin on the Brink: Bank of England Rethinks Digital Pound Plans Amid Backlash 🏛️🔍

The idea of a state-backed digital currency was once seen as a modern leap into the future of payments. However, the BoE is now exploring whether enhancing existing banking technology might be a better path forward.

Public opinion has played a key role in stalling the project:

The UK isn’t the only country rethinking digital currencies:

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  In the US, the Trump-era GENIUS Act has blocked further work on CBDCs.

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  South Korea recently halted its digital won pilot.

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  Only the European Central Bank still aggressively pursues its digital euro.

This trend signals a global shift in sentiment, with many central banks now prioritizing regulation and innovation in the private financial sector.

Former BoE economist Neil Record has been openly critical, calling the digital pound a "white elephant" that serves institutional interests rather than those of the general public.

• In 2013, cash was used in 51% of transactions.

• By 2023, that number dropped to just 12%.

• The Bank’s revenue, partially dependent on cash holdings, is under pressure.

However, critics argue that a digital pound isn’t the solution:

While Britcoin may be on hold, stablecoins are rising—and they’re causing alarm too.

Governor Bailey warns that private stablecoins could:

The Bank of England now seems to favor supporting private payment technologies rather than introducing a new currency.

For now, Britcoin may just remain an experiment in the archives of financial evolution.