The Bank of England publishes two papers on a new digital pound, seeming to favor centralized databases over a blockchain and limiting to £10K-£20K per person
The Bank of England has set out technical features of its central bank digital currency, which officials have said is likely to be needed.
CoinDesk Jack Schickler
Related Coverage
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Discussion
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@arturo_p_a
Arturo Portilla
on x
The BoE and the UK Treasury say they'll decide whether they will move forward with a ‘digital pound’ as late as 2025. As a main reason in favour of doing it, they argue Big Tech's closed networks can't be allowed to take over the payments system. https://www.ft.com/...
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@bankofengland
@bankofengland
on x
Today the Bank of England and @hmtreasury have published a Consultation Paper on the digital pound, a UK central bank digital currency. Find out more here: https://www.bankofengland.co.uk/ ... https://twitter.com/...
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@hkanji
Hussein Kanji
on x
We have not yet made a decision to issue the digital pound. If we did, it would not replace cash. https://www.bankofengland.co.uk/ ...
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@functi0nzer0
Laurence
on x
Reading the consultation paper from the BoE and HM Treasury on the digital pound I have thoughts which I'll be sharing with them, since it's a public consultation open until June, but a few pithy remarks here on the hellsite Paper here: https://assets.publishing.service.gov.u k/ …
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@gverdian
Gilbert Verdian
on x
Why would we need a digital pound? Primary Motivations: - Ensuring the role of the UK central bank is an anchor for confidence and safety in our monetary system - Promoting innovation, choice and efficiency Fostering stability and growth with access, innovation & choice. https://…
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@macleodfinance
Alasdair Macleod
on x
Rigorous standards of privacy can always be changed by legislation.. https://twitter.com/...
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@globaldigitalfi
@globaldigitalfi
on x
GDF welcomes the joint consultation paper from the Bank of England and HM Treasury. The consultation is positive and thorough and examines six key technology design considerations which have been widely discussed in the initial stages of exploration. https://www.bankofengland.co.…
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@arturo_p_a
Arturo Portilla
on x
“Some identification would be needed to prevent financial crime” Do they not fucking know that the word “public” in public money refers to the fact that it should be accessible to the general public? For God's sake, it's not called public because it's issued by a public entity. h…
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@kommunitas1
@kommunitas1
on x
The consultation paper of the project shows that a potential limit on the amount held by each citizen between £10,000 and £20,000 per individual is likely to strike an appropriate balance between hanging risks and supporting wide usability of the digital pound.
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@bankofengland
@bankofengland
on x
The Bank of England would not be able to restrict how users' digital pounds are spent. But innovations in technology may allow users to program their money to use it in new ways. Find out more here: https://www.bankofengland.co.uk/ ... https://twitter.com/...
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@bankofengland
@bankofengland
on x
The digital pound would be subject to rigorous standards of privacy and data protection. It would be privacy-enhancing by design and would allow users to make choices about their data. Find out more here: https://www.bankofengland.co.uk/ ... https://twitter.com/...
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@marketsmickle
Mickle
on x
XRP will be a digital reserve currency 👀 #XRP https://twitter.com/...