Bank of America Says UK CBDC Would Be More Than a Digital Form of Cash

Bank of America Says UK CBDC Would Be More Than a Digital Form of Cash
Bank of America (BoA) is challenging the Bank of England’s assertion that a U.K. central bank digital currency (CBDC) would act just as a form of digital cash, saying it’s more likely to replace checking accounts as the way in which consumers hold the majority of their funds.The BOE sees a possible CBDC – referred to colloquially as Britcoin – as fundamentally a substitute for cash, BoA says. “Such a construct could [however] potentially be a 15x bigger amount replacing £440 billion ($598 billion) of current accounts not just £30 billion in cash,” it wrote in its research paper “Digital…