Three major UK banks experimenting with tokenised deposits amid ‘Britcoin’ uncertainty
Barclays, Lloyds, and Citi banks experimenting with tokenised deposits. The trial aims to explore digital banking potential amidst the uncertain future of ‘Britcoin’. BIS’s Agora project and UK government support reflect the global push for advanced financial systems. In a bid to explore innovative financial technologies, three major British banks — Barclays, Lloyds Banking Group, and Citi — have commenced a trial to test tokenised deposits. The trial, which began in February and involves collaboration with global payment giants Mastercard and Visa, aims to delve into the potential of digital banking solutions. The future of UK’s Britcoin remains uncertain The tokenized deposit trial comes at a time when the future of the digital pound, colloquially known as ‘Britcoin,’ remains uncertain despite initial explorations by the Bank of England in 2021. In January, 2024, the UK Treasury and the Bank of England (BOE...