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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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