Bitcoin Forum

A few months ago, Broadbent touched upon the concept of using distributed ledger technology for issuing virtual currency in the future. BritCoin, as this initiative has been dubbed, would let citizens hold virtual currency accounts with the Bank of England. There would be some drawbacks to this concept, though, as it may only be used for retail transfers. Another option worth exploring is whether or not these virtual currency accounts can pay interest.

http://www.livebitcoinnews.com/bank-of-england-and-house-of-lords-to-discuss-creation-of-britcoin/

I see no reason why the virtual currency accounts can not pay interests. They just have to build a very robust software to make room for that.

That initiative doesn't make any sense and will not catch on. It's a futile attempt of the country's central bank to keep people inside their centralized and inflationary fiat bubble world. It's like the state becomes some kind of Paypal 2.0. There already has been a prior similar initiative by the Canadian government that failed miserably: MintChip.

Why would people want a centralized currency, burdened with restrictions of the officialdom and subject to total surveillance when they can have a free decentralized currency without restrictions in fungibility? This initiative is just another form to waste taxpayer's money.

ya.ya.yo!

Well that's just nothing more than a glorified voucher system rather than any real currency if it can only be used in retail stores, I'm almost disappointed, I was expecting something grander from a central bank but this will be far too easy for Bitcoin to deal with.

CanadianCoin and then this.. BTC will killem all!

I would prefer if it wasn't created and controlled by the bank of england, plus it's too restrictive in it's use.  A step forward nonetheless.

Let them play with fire: the moment it goes live it will be hacked fairly soon. It will probably miss all the real world security implementation of a BITCOIN like blockchain.

Let them release it. Then we will laugh

How about they just remove the "r", it will save them some time. Bitcoin

Looks like they should update their page on digital currencies, seeing as how they are playing with one themselves.
http://www.bankofengland.co.uk/banknotes/Pages/digitalcurrencies/default.aspx
 (http://www.bankofengland.co.uk/banknotes/Pages/digitalcurrencies/default.aspx)

There's been a bit of writing lately regarding the so called RSCoin, I particularly like a few lines from the last link:

We understand this to mean that their official reason for exploring their own coin has been based on providing cheaper transaction costs (for who, the consumer or them?) While also, conveniently controlling the flow of the entire network themselves.

https://www.cryptocoinsnews.com/bank-of-englands-rscoin-a-hybrid-digital-currency-to-improve-global-trade/ (https://www.cryptocoinsnews.com/bank-of-englands-rscoin-a-hybrid-digital-currency-to-improve-global-trade/)
http://www.thedailynewsgrabber.com/bank-of-england-entering-the-cryptocurrency-market/ (http://www.thedailynewsgrabber.com/bank-of-england-entering-the-cryptocurrency-market/)