The British authorities are exploring the possibility of creating a new digital currency, which the head of the treasury Rishi Sunak calls "britcoin." 

The Bank of England and the Treasury said they would appreciate the benefits of the central bank's digital currency, AP reported.

The bank said that the new currency if launched, would become a new form of digital money for households and businesses to use alongside cash and bank deposits rather than replace them.

One of the benefits of digital currency will be to back up card payments if cash payments continue to decline in the coming years - by the end of this decade, only one in 10 payments in the UK is expected to be made using traditional means. Proponents of digital currencies also think they can provide people with another way to shop online.