Bitcoin crashes, with trillions of dollars’ worth of bitcoin investors losing today, according to media sources. The latest Bitcoin news crashed, with trillions of bitcoins sinking, as investors around the world. After reaching an all-time high, the digital currency’s price has plummeted by $15,000. For the first time since March 2021, the bitcoin has fallen below the $50,000 Bitcoin price. So, Bitcoin is worth Rs 7.7 million in Pakistani currency. European countries are considering introducing a new digital currency as an alternative.

Also, according to the cryptocurrency Bitcoin. Various banks in European countries are planning to introduce their digital currency give the growing popularity of bitcoin.

Germany, Europe’s largest economic power, is considering introducing a digital euro guaranteed by the European Central Bank. The digital euro will have more protection than commercial banks. However, no final decision or announcement has been made about the new digital currency. It is believed that 13 years after the introduction of the bitcoin, the market for this cryptocurrency has reached 20 trillion dollars, and the value of a Bitcoin is 60. Thousands of dollars were recorded. On the other hand, the UK is also considering introducing Bitcoin as an alternative to Bitcoin. So, the UK will soon review the launch of its digital currency in Bitcoin.

The US Treasury and the Bank of England have launched a joint task force to search for a central bank digital currency. This comes when the central bank is in a race with several central banks to develop its strategy for digital currencies or CBDC. Furthermore, China is conducting several tests with its digital yuan in major cities.

Bitcoin crashes, trillions of Bitcoin investors sink

London – The UK Central Bank is the latest country to join the global race for digital currencies.

“We are launching a new task force between the Treasury. The Bank of England to coordinate search work on a central bank digital currency,” US Treasury Secretary Rishi Sunaksaid at the Fantastic Industry Conference on Monday.

In a separate statement, the Bank of England said. Such currency would be a new form of digital money issued by the Bank of England and would be using for the use of domestic and business people. Which is available for cash and bank deposits, instead of replacing them.

The US government has not yet decided whether to introduce a digital version of the British pound, but has said. It’ll look into the “goals, issues, opportunities, and risks” involved if it moves forward. The Bank of England will also set up a unit within the agency dedicated to the search for digital currency.

This central bank comes as a race among several central banks to explore their strategy for digital currencies or CBDC. The rise of Bitcoin and other cryptocurrencies has given new impetus to such initiatives, as well as the broader trend of declining cash use.

Last week, the bucket coin hit a record high of 64,829, well ahead of the much-anticipated debut of the cryptocurrency exchange Coinbase. But fears about regulation caused the world’s most popular digital coin to sink sharply over the weekend.

Meanwhile, the rise in the price of the token Dogecoin, inspired by the meme, has raised fears of a bubble in the cryptocurrency market. As of Monday, the bitcoin was trading at about $56,740, up 3% in the last 24 hours.

Why the central bank wants to launch a digital currency

Another element of central banks working on CBDCs is private stablecoin projects such as the Facebook-backed Dam Association and a controversial token called Teacher. Such currencies tend to increase their market value in some external reference, such as the US dollar. Try to pull to avoid unexpected price changes that are common in most cryptocurrencies.

China seems to be ahead of other major countries in the CBDC. The People’s Bank of China is conducting several tests with digital currency in major cities. A senior official said Sunday that the central bank could test the digital yuan with foreign visitors at the 2022 Beijing Winter Olympics.