‘Britcoin’ digital currency under consideration

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 Monday that they will work together to assess the benefits of a central bank digital currency.

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.