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British authoritie­s are exploring the possibilit­y of creating a new digital currency that Treasury chief Rishi Sunak touted as “Britcoin.”

The Bank of England and the Treasury said this week that 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.

The bank said the new currency, if it comes to pass, would be a new form of digital money for use by households and businesses and would exist alongside cash and bank deposits, rather than replacing them.

Digital currencies, which are only available in digital or electronic form, are already being explored or even implemente­d in several other countries, with many proponents drawing

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