The Bank of England and the UK Treasury are moving forward with a plan to launch a digital currency. It’s being called the CBDC, or Central Bank Digital Currency, dubbed (or nicknamed) 'Britcoin.'

The action is part of a global effort to stay ahead of various new currency options and prepare for a future in which consumers adopt card payments backed by companies instead of by governments. But, some critics are calling it a "solution in search of a problem", particularly in light of the country's already-strong fintech industry.

Senior editor Philip Lagerkranser and reporter Emily Nicolle discuss the implications. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

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