Bank of England and Treasury think UK is 'likely' to need digital currency
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Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#2In shock news consultants advised that spending more money on consultants would be a good idea.
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#3A huge proportion of crypto projects by count and an embarrassing proportion by market cap are scams.
Nonetheless, I really hope someone cracks the remaining crypto issues (scalability, identity, ux, anonymity, governance protocols) well enough to provide sufficiently stable infrastructure for gvts to bootstrap off instead of rolling their own. I worry about the centralization of power otherwise.
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#4Interesting topic but there’s not much in the article beyond the headline. The only given rationale is that the BoE might need to issue a digital currency or else “Big Tech” might end up “controlling money.”
Perhaps there’s a better article with more insight, but from this alone I get the feeling this is may just be politicians creating pork for consultants.
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#5A huge proportion of crypto projects by count and an embarrassing proportion by market cap are scams. Nonetheless, I really hope someone cracks the remaining crypto issues (scalability, identity, ux, anonymity, governance protocols) well enough to provide sufficiently stable infrastructure for gvts to bootstrap off instead of rolling their own. I worry about the centralization of power otherwise.
No government wants financial anonymity for the governed.
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#6A huge proportion of crypto projects by count and an embarrassing proportion by market cap are scams. Nonetheless, I really hope someone cracks the remaining crypto issues (scalability, identity, ux, anonymity, governance protocols) well enough to provide sufficiently stable infrastructure for gvts to bootstrap off instead of rolling their own. I worry about the centralization of power otherwise.
No government wants financial anonymity for the governed.
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Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#7> Britain's Prime Minister Rishi Sunak asked the BoE to look into the case for a CBDC in 2021 when he was finance minister
Rishi’s father in law is founder of Infosys.
I just checked infosys.com. Their lead headline was “What’s next for U.K. Public Sector Digital Services”
https://www.infosys.com/uk/public-sector/insights/digital-go...
The U.K. public doesn’t need a CBDC. Those of us who’ve seen the sinister consequences of CBDCs in China are vehemently against them.
It’s only Government agencies and their dubiously procured private contractors that want CBDCs
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#8I understand the advantages of this for the government. It will be much easier to track and control how we spend our money and ensure that we pay every last possible cent of taxes.
What is the advantage for me as a citizen?
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#9Neither have demonstrated much competence recently, so I wouldn’t bet on it.
Re: Bank of England and Treasury think UK is 'likely' to need digital currency
#10A huge proportion of crypto projects by count and an embarrassing proportion by market cap are scams. Nonetheless, I really hope someone cracks the remaining crypto issues (scalability, identity, ux, anonymity, governance protocols) well enough to provide sufficiently stable infrastructure for gvts to bootstrap off instead of rolling their own. I worry about the centralization of power otherwise.
There are two C's in CBDC, but none of them stand for "crypto".