Years ago, central banks were adamantly opposed to digital currencies. Years later, after realizing their tremendous surveillance powers, central banks and governments have fallen in love with virtual currencies.
Nearly every major country on the planet is considering some kind of cryptocurrency.
The latest? The United Kingdom.
British authorities confirmed that they are exploring the possibility of creating a digital currency known as Britcoin.
Treasury chief Rishi Sunak stated that the Bank of England (BoE) and the Treasury plan to work together to understand the benefits, processes, and technologies behind a central bank digital currency, also known as a CBDC.
If approved, it would function like cash, except in the form of cash that would be utilized by households and businesses.
“Our vision is for a more open, greener, and more technologically advanced financial services sector,” he told a fintech conference. “And if we can capture the extraordinary potential of technology, we’ll cement the U .K.’s position as the world’s preeminent financial center.”
The United States, Sweden, China, the European Union, and a myriad of other jurisdictions are beginning the digital currency trend.
But will they have ever top the almighty virtual currency dogecoin?
Most Western Nations will likely adopt their own Government Coin; and, some may be backed by GOLD; as it seems that China is rapidly moving in that direction. Gold would make it a whole new ballgame for the Crypto Industry. It could also spell disaster for the Sinking Dollar.