Economy
Britcoin: Is the UK Economy Getting Closer to Launching Its Digital Currency?
Under plans being drawn up by the Bank of England and the Treasury in the UK, consumers could be using a new digital pound, widely dubbed as Britcoin, by the end of the decade. Rather than replacing cash and bank deposits, Britcoin would exist alongside them.
This digital currency would not be a cryptocurrency or a crypto asset like those seen within the private sector, as it would be issued by a central bank. It would instead be a Central Bank Digital Currency (CBDC), denominated in pounds, where £10 of Britcoin would always hold the same value as a £10 note. The hope is that the Bank’s Britcoin would be more stable than Bitcoin, which is famed for being incredibly volatile.
As of early February of this year, the UK government is speeding up its response to the rise of privately issued cryptocurrencies and stable coins, beginning a four-month public consultation process on Britcoin. Members of the public are being invited to give their views on the digital pound as part of the research and development being carried out. The Bank and the Treasury hope to reassure the public that a state-backed digital currency will be as safe as cash, particularly after 2022 saw the collapse of crypto exchange FTX, and the massive comedown of the crypto market that then followed.
It is easy to see why the case for the UK having a digital pound in the future continues to grow, especially as the world around us is becoming more and more digitalised. You just need to go online and you can see an abundance of businesses and customers alike taking advantage of the digitalised culture.
Crypto casinos, for example, are becoming increasingly popular in the online casino world. Here, customers can use digital currency to play casino games like roulette, blackjack and, according to this article, the fan favourite slots. And it isn’t just businesses. The education sector is also jumping on the digital bandwagon, with classroom teaching adopting more and more digital tools and methods to benefit both the teachers and the pupils. Digital transformation is rife across the board, and the UK economy is not wanting to be left behind.
While the government might still decide against going ahead with Britcoin, momentum is definitely building to back the idea, with many arguing that a digital pound will be needed at some point in the future. The hope is that it would provide a new way to pay, help both businesses and the public, and better protect financial stability.
If it was introduced, it would be interchangeable with cash and bank deposits, and would be able to be used to make payments both in person and online. According to the Treasury, however, there would be a limit on the amount of Britcoin people could hold during the introductory phase, in a hope to strike a balance between encouraging use and managing the risks – one of these risks being the potential for large and rapid outflows from banking deposits into Britcoin.
During the latest consultation, officials will explore the technical issues involved with creating this CBDC before making a final decision, which should be due in 2025. If the go-ahead does happen, the Bank and Treasury hope that we could see Britcoin held in digital wallets by the end of the decade.
While there are many arguments for the case of Britcoin, there are a number of implications that the technical team will need to carefully consider. Changing the way a country uses money is a rather profound and colossal decision, and the digital pound would be subject to rigorous standards of privacy and data protection, with a decision largely based on future developments in money and payments.
The UK isn’t the only country looking into using its own official digital currency, the US Federal Reserve and the European Central Bank are also considering it. The UK plans are, however, at a more advanced stage, and the next couple of years will be really telling about whether the UK does see the plan through. And if they do, whether other countries will follow suit.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
By Aduragbemi Omiyale
The names of about 100,000 companies registered by the Corporate Affairs Commission (CAC) are about to be deleted for inactivity, especially for failing to file their annual tax returns, Business Post reports.
This information was disclosed by the CAC via a notice signed by its management on Wednesday, July 15, 2026.
The list contains organisations like the Nigeria-Poland Chamber of Trade Invest Ltd, Alariwo of Afrika Ltd, Ovation Sports International, First Union Pension Fund Administrators, Investopedia Limited, Baptist High School Abuja Ltd, and Yobe Aluminium Manufacturing Industries Ltd, amongst others.
In the statement, the commission said its decision to strike off the names of the affected firms from the register aligns with the provisions of Section 692(3) (3) and (4) of the Companies and Allied Matters Act (CAMA), 2020.
However, the affected companies can still salvage the situation by filing all outstanding annual returns and regularising their records within 90 days.
“Please note that companies that fail to comply within the stipulated timeline shall be struck off the register without further notice,” it declared, expressing its continued commitment to providing prompt and efficient registration and regulatory services to the satisfaction of its valued customers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange gained 1.75 per cent on Wednesday, July 15, pushing the NASD Security Index (NSI) up by 74.20 points to 4,316.51 points from 4,242.31 points, as the market capitalisation added N44.54 billion to finish at N2.590 trillion compared with the preceding session’s N2.546 trillion.
During the session, there was an 11.5 per cent rise in the value of transactions at midweek to N72.7 million from the preceding session’s N65.2 million, as there was a 3.7 per cent growth in the number of deals to 28 deals from the previous session’s 27 deals, while the volume of securities slumped by 64.5 per cent to 4.9 million units from 13.7 million units.
At the close of trades, Great Nigeria Insurance (GNI) Plc ended as the most active security by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, with the second spot occupied by Infrastructure Credit Guarantee (Infracredit) Plc after selling 2.3 billion units valued at N6.5 billion, and the third position was taken by Central Securities Clearing System (CSCS) Plc, which exchanged 74.3 million units for N5.3 billion.
GNI Plc also finished the trading day as the most traded stock by volume on a year-to-date basis, with a turnover of 3.4 billion units traded for N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
Business Post reports that the market breadth index was negative yesterday, as there were two price gainers and three price losers.
11 Plc added N22.36 to its value to close at N250.00 per share versus N227.64 per share, and CSCS Plc improved by N7.95 to N90.35 per unit from N82.40 per unit.
On the flip side, FrieslandCampina Wamco Nigeria Plc lost N1.37 to end at N150.00 per share versus N151.37 per share, UBN Property Plc depreciated by 6 Kobo to N1.75 per unit from N1.81 per unit, and Food Concepts Plc dropped 1 Kobo to close at N2.49 per share versus N2.50 per share.
