As we know, China is a front-runner to launch central-bank-backed-digital currency (CBDC). The European Central Bank too is contemplating to introduce electronic form of cash to complement bank notes and coins, though such a launch is still several years away. The European Central Bank does not expect the digital Sterling to replace the existing physical cash or bank accounts. The UK is still not sure about the introduction of digital currency.

British finance minister Rishi Sunak asked the Bank of England to study the central-bank-backed digital currency — Britcoin to address some of the challenges posed by cryptocurrencies such as Bitcoin. They will create a new task force between the Treasury and the Bank of England to coordinate exploratory on such currency.