UK Government Announces Plans to Release Its Own GBP Cryptocurrency Called BitGBP

In a surprise move, the UK government announced today that they would be launching a new stablecoin backed by the British pound. The new cryptocurrency will be called bitGBP. If Britain is not able to strike a deal with the European Union in the next few days, it will likely have to move away from the European single market altogether. This condition could have devastating effects on the British economy- there will be hard borders across Northern Ireland, and Ireland and several laws in the country will be left in Jeopardy. European Union citizens living in Britain and British citizens living in the European Union will also face troubles. The same will be true for businesses.  Overall all there is a sense of gloom taking over the British public. However, today’s announcement has left everyone shaking their heads.