UK Treasury Considers Plan For Digital Pound (bbc.com) 29
The government is considering introducing a "digital pound," the economic secretary to the Treasury has told MPs. From a report: The UK was committed to becoming a world crypto hub, Andrew Griffith said. And the government was "a long way down the road... to establish a regime for the wholesale use, for payment purposes, of stablecoins." Stablecoins are designed to have a predictable value linked to traditional currencies or assets such as gold.
The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee. "I want to see us establish a regime, and this is within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins," he said. Central banks around the world are developing or exploring digital currencies.
China, for example, is a front-runner in this global race, and is in the process of testing a digital yuan in major cities including Beijing, Shanghai and Shenzhen. The European Central Bank in July 2021 took a first step towards launching a digital version of the euro, kicking off a 24-month investigation phase to be followed by three years of implementation. And Mr Griffith told the committee: "It is right to look to seek to embrace potentially disruptive technologies, particularly when we have such a strong fintech and financial sector."
The currency, for use by households and businesses, would sit alongside cash and bank deposits, rather than replacing them. A public consultation on the attributes of a digital pound would be launched in coming weeks, Mr Griffith told the Treasury Select Committee. "I want to see us establish a regime, and this is within the FSMB [Financial Services and Markets Bill, currently being debated in Parliament], for the wholesale use for payment purposes of stablecoins," he said. Central banks around the world are developing or exploring digital currencies.
China, for example, is a front-runner in this global race, and is in the process of testing a digital yuan in major cities including Beijing, Shanghai and Shenzhen. The European Central Bank in July 2021 took a first step towards launching a digital version of the euro, kicking off a 24-month investigation phase to be followed by three years of implementation. And Mr Griffith told the committee: "It is right to look to seek to embrace potentially disruptive technologies, particularly when we have such a strong fintech and financial sector."
Need a better way of storing them. (Score:2)
So something like linking it with a chip imbedded in the hand, yea some people without hands will object to this so we can allow someplace else that all people would have like the forehead.
Both easy to quickly scan and since the government would already have a record through the digital currency of everything you purchase the next step would be to enforce this for every purchase made.
lettuce (Score:2)
Re:lettuce (Score:4, Insightful)
That's SOP.
Tories (Score:4, Insightful)
Re: (Score:2)
Re: (Score:2)
isn't that why people go to Porn Hub? (Score:1)
for a digital pound?
You will own nothing and be happy (Score:4, Insightful)
Money is already digital. Do you really want the government to better track and set conditions on how you spend your currency? Or switch it off, making it worthless, if you don't comply with some rule?
Re: (Score:2)
At that point just put people in prison no? If we are talking about a world where laws don't matter here
Re: (Score:2)
Those things can happen with cash too.
Re: (Score:1)
The paper bills would not be exactly worthless since they will hold value as toilet paper.
Re: You will own nothing and be happy (Score:1)
Re: (Score:2)
How, exactly, can the government make the cash in your pocket worthless?
Simple: create enough new money that hyper-inflation ensues. It's been done to every single currency, save precious metals and other commodities, by every single government known to history. Roughly speaking one pound sterling today is worth about what one old penny was worth 100 years ago. Which is fine for the rich, who own land and other forms of property. And for government, which likes to spend more than its income. And for all manner of cheats, spendthrifts, and fly-by-nights. The ones who suffer from
Re: (Score:2)
Re: (Score:2)
This is about control, and not fixing things (Score:4, Insightful)
This [dazeddigital.com] is a very straight forward explanation of why CBDCs are basically a nightmare with a few silver linings. Ever silver lining has a bad side to it. The surveillance that facilitates easy tax collection makes it easy for the DEA to declare any money transfer to an addict relative to be facilitating drug dealing. The government will now know precisely which ordinary citizen is giving money to which candidate. Support a controversial figure that is being prosecuted? The government will now know in real time everyone who is supporting their defense.
Isn't the pound already digital? (Score:2)
Last time I checked you could only have discrete and therefore digital amounts of pounds.
UK uses metric, so ... (Score:3)
UK Treasury Considers Plan For Digital Pound
Shouldn't it be Digital Kilogram? :-)
Crypto / Ponzi scheme? (Score:2)
Stories of people & banks losing... (Score:2)