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Bank of England to explore a potential Central Bank Digital Currency

bankofengland.co.uk

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Re: Bank of England to explore a potential Central Bank Digital Currency

#81

Post by max_ »

jfjfntntkt wrote: post #72
KaiserPro wrote: post #30

I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…

Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…

Or better, 0.000001 pounds for streaming a song from my privately hosted streaming service.

Re: Bank of England to explore a potential Central Bank Digital Currency

#82

Post by NicoJuicy »

casi18 wrote: post #65
disruptalot wrote: post #35

Earlier quoted context omitted.

I've been hearing this for 10 years straight. Thus far the only successful examples of Blockchain technology have been based on digital currencies and Bitcoin has done nothing but continue it's success. On the other hand, there is not one example of "Blockchain technology" put to work on anything that needed it.

I now barely use my bank account, i get paid in dai, i pay others in dai. occasionally i have to move dai into fiat for bills. hopefully these central bank digital currencies help bridge that last step. i love it because i can write programs to move my money around. I can stream payments with https://sablier.finance i can lend and borrow with https://aave.com I get paid universal basic income each hour from https://w…

A lot of jurisdictions if everything goes wrong:

https://www.proofofhumanity.id/ - exists since 2021-01-20 | whois unavailable | 1 Guy from Brazil on Github

https://yearn.finance/ - exists since 2020 | Iceland

https://sablier.finance - iceland

https://app.pooltogether.com | canada

https://alchemix.fi/ Charlestown? - France

monolith.xyz | US

No thanks. I'll keep everything through the bank in my country, which I can call everytime if something would be wrong.

Re: Bank of England to explore a potential Central Bank Digital Currency

#83

Post by zzzzzzzza »

KaiserPro wrote: post #30

I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…

uhm... physical cash is an anonymous payment system?

Re: Bank of England to explore a potential Central Bank Digital Currency

#84

Post by JimDabell »

jfjfntntkt wrote: post #72
KaiserPro wrote: post #30

I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…

Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…

> Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency.

It’s been a few years so I don’t remember the details, but I’ve written Python that was about that simple using Teller[0] without any problems. Didn’t need a digital currency or direct access to the Open Banking API, just used normal Pounds Sterling and normal bank accounts.

[0] https://teller.io

Re: Bank of England to explore a potential Central Bank Digital Currency

#85

Post by _xnmw »

jfjfntntkt wrote: post #72
KaiserPro wrote: post #30

I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…

Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…

There are countries where the centralized banking system already makes scripted payments possible. For example PrivatBank in Ukraine, by far the largest bank, offers a full featured API for payments, protected by instant one-click authorization from their mobile app.

Re: Bank of England to explore a potential Central Bank Digital Currency

#86

Post by jfjfntntkt »

300bps wrote: post #77
jfjfntntkt wrote: post #72

Earlier quoted context omitted.

Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…

What happens if the person you send the money to doesn’t deliver? What happens if someone compromises your account and sends all of your money away fraudulently? These are just two basic things that the current financial system deals with thousands of times per day. And what about fees? BTC, ETH and many other coins are essentially unusable for smaller transactions. Sending .02 ETH (about $45) from my MEW wallet cost…

The fact that there are problems to solve doesn't meant that we should just not have the thing.

What happens if I give a street artist 5 pounds to draw my picture and then he flatly refuses?

What happens if someone mugs me on the street and steals 100 pounds from me?

Should we not have cash at all because of these two problems, and others?

Re: Bank of England to explore a potential Central Bank Digital Currency

#87

Post by throw1234651234 »

KaiserPro wrote: post #30

I've not really understood the need for a "digital" pound, the pound is pretty digital already. I can already have an entirely digital bank account from at least three "challenger" banks. There are also now at least two business accounts that also entirely virtual. "Faster Payments" (customer bank transfers) are delivered in seconds. I can see a need for speeding up BACS, and reducing the price of CHAPS, but apart fr…

Someone explained this to me last year with an example, and it 'clicked'. The idea is to let the government control the 'velocity of money'. For example, the US is giving out stimulus checks for COVID - the clear goal is to keep business afloat and people spending, but what if they just put the money into savings or crypto? The government did not achieve their goal.

To achieve their goal, they program the money with "must be spent on consumer goods and/or rent in the next 6 months." Then they put a "smart contract" on the money and say "can only be spent if you are drug free and looked for a job in the last 6 months."

It's scary and I am against it, but above is the upside, from a certain perspective.

Re: Bank of England to explore a potential Central Bank Digital Currency

#89

Post by staticman2 »

marcus_holmes wrote: post #26
zelphirkalt wrote: post #15

Earlier quoted context omitted.

While in general quite confusing, I cannot help but notice, that they used to use better divisible numbers like 12, to go to the next bigger unit. I also read that Babylonians or whoever it was, used a system with base 60, even better divisible. I wonder how it would affect our daily lives, if we still had such better divisible numbers in use with money today. For example 60 cent make a euro or dollar or whatever. Of…

My parents grew up with the "old money", and my father in particular always said that it was easier to work with because everything divided by 2,3 or 4 easily. His opinion was always that the new money was introduced to make computerisation easier. In other words, the benefit wasn't for humans (who prefer working in 12's), but for computers.

Humans have 10 fingers and 10 toes. We almost certainly prefer working with 10s for that reason, all things being equal.

Re: Bank of England to explore a potential Central Bank Digital Currency

#90

Post by jfjfntntkt »

JimDabell wrote: post #84
jfjfntntkt wrote: post #72

Earlier quoted context omitted.

Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. If you are going to mention the open banking API initiative, then what are the requirements to get access to that? You can't as an individual. Also, this was the easy case, inter-UK. Now tell me how to transfer using Python and without applying to all kinds of regulators for API acces…

> Please tell me how I can transfer one pound from me to you using a 20 line Python script? That's what people mean by digital currency. It’s been a few years so I don’t remember the details, but I’ve written Python that was about that simple using Teller[0] without any problems. Didn’t need a digital currency or direct access to the Open Banking API, just used normal Pounds Sterling and normal bank accounts. [0] htt…

A good start, but still suboptimal.

It gives Teller full access to your account from what I read, can you limit it for example to just send money, without them going through your statements?

And it's still only intra-UK.

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