April 19, 2024
Bank of England's Undecided Stance on Digital Pound
Latest Cryptocurrency News

Bank of England’s Undecided Stance on Digital Pound

The Bank of England (BoE) and HM Treasury in the United Kingdom responded to a consultation on a central bank digital currency (CBDC), emphasizing their focus on “privacy and control.” While stating that no final decision has been made regarding a digital pound, the institutions expressed their commitment to exploring CBDC feasibility and designs. They assured that if implemented, primary legislation would guarantee users’ privacy and control, emphasizing that neither the Bank nor the government would have access to personal data, providing users freedom in spending digital pounds.

The U.K. government has urged transparency around the potential expenses of a CBDC launch, addressing concerns about government surveillance and privacy loss. CryptoUK, a self-regulatory trade association, called for more detailed plans and timelines, expressing concerns about the lack of clarity and direction, creating uncertainty for crypto digital asset businesses in the U.K. The BoE and HM Treasury indicated that the launch of the digital pound, referred to as ‘Britcoin,’ would not occur before 2025 if the CBDC plan moves forward.

In the United States, the prospect of a digital dollar has become a potential campaign issue in the 2024 Presidential Election. While Florida Governor Ron DeSantis, a CBDC opponent, dropped out of the race, former President Donald Trump, a Republican Party frontrunner, expressed opposition to a digital dollar, vowing to “never allow” it to protect Americans from government tyranny.

Image by vwalakte on Freepik

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