Bank of England forms group to study 'Britcoin' digital currency

The Bank of England forms a task force to explore issuing a central bank digital currency ("CBDC") for use by households and businesses that would exist alongside cash and bank deposits, not replace them.U.K. Treasury chief Rishi Sunak has indicated that it may be called "Britcoin," the Associated Press reports.The U.K.'s government and the Bank of England haven't yet decided on whether to introduce a CBDC in the U.K. They'll get feedback with a range of stakeholders on the benefits, risks, and practicalities of such a move.Many central banks have been looking at the potential for issuing CBDC's, but so far the Bahamas is the only country that's issued one. China is conducting trials in several cities, and Sweden has indicated it may issue one by 2026.The task force will be co-chaired by Deputy Governor for Financial Stability at the BOE, Jon Cunliffe, and Treasury Director General of Financial Services,