As Threadneedle Street’s consultation on building a central bank digital currency gets underway, several of the City’s top banking executives have given evidence to MPs about the harm a so-called Britcoin could cause.

The Bank of England and the Treasury launched a joint taskforce to explore the development of digital sterling earlier this year. China’s e-yuan is already in use, and the EU has committed to building a digital euro. As private cryptocurrencies take off, the UK is eager not to be left behind.