According to the released consultation paper on crypto, the UK central bank believes the Britcoin will coexist well with private stablecoins in what they expect to be a “mixed payments economy.”
Despite the rise of privately-issued stablecoins in recent years, the paper said that CBDCs such as the digital pound can co-exist in“In much the same way that cash exists alongside private money, the digital pound does not need to be a dominant form of money in order to meet its public policy objectives. The digital pound could exist alongside other forms of money, including stablecoins.”
“For the digital pound to play the role that cash plays in anchoring the monetary system, it needs to be usable and sufficiently adopted by households and businesses.” “A limit on individual holdings would be intended to manage those risks by constraining the degree to which deposits could flow out of the banking system. That is important during the introductory period as we learn about the impact of the digital pound on the economy.”were also acknowledged. Without going into detail, the paper stated an e-GBP would be subject to “rigorous standards” of privacy and data protection.
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