Bitcoin vs Britcoin: Are CBDCs the future?

GOOGLE searches for central bank digital currencies (CBDC) in the UK and US have exploded.

Analysis by cryptocurrency betting review website showed that CBDC searches were on average up by 1,041 percent in the US, and 769 percent worldwide, in September. That equates to 106,640 global searches each month, around 7,370 of them made from the UK: a 1,136 percent increase.

Prime Minister Rishi Sunak advocated for CBDCs, and the development of a digital sterling “Britcoin”, when he was Chancellor of the Exchequer.

The 10 countries with the highest level of searches are:

  1. Jamaica
  2. South Korea
  3. Hong Kong
  4. Singapore
  5. China
  6. Canada
  7. Poland
  8. Switzerland
  9. Kenya
  10. Slovenia

The US has released its first framework exploring the development of digital assets including CBDC.

A spokesperson said that as cryptocurrencies grow in popularity, central banks are driven to provide an alternative with government-backed digital money. “Central banks have realised that they cannot beat Bitcoin,” the spokesperson said, “and now they want a piece of the action.”

The key difference between CBDCs and crypto is that the latter aims to decentralise financial power. “CBDCs ensure that the value and control of currency remains in the hands of governments, banks and financial elites.”

The appointment of Sunak as PM “could see a further push for the adoption of CBDCs”.