Bank of England
A Closer Look? – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
By
adminSeveral countries in Europe, including Sweden, France, and Germany, have been exploring the possibility of launching their own Central Bank Digital Currencies (CBDCs). In February 2021, the European Central Bank (ECB) launched a two-year investigation into the viability of a digital euro. However, concerns have been raised about the potential impact of a digital euro on the commercial banking system and the privacy of users.
In the United Kingdom, the Bank of England is also exploring the possibility of launching a digital version of the pound sterling. The bank has formed a task force to explore the benefits and risks of a CBDC and is expected to publish a discussion paper on the topic later in 2021. Additionally, the UK government has recently announced a new plan to regulate stablecoins, which are digital currencies pegged to fiat currencies or other assets. The plan aims to mitigate risks associated with stablecoins, such as money laundering and terrorist financing.
Recent developments suggest that CBDCs are likely to become an increasingly important part of the global financial system. However, it is important to carefully consider the potential risks and benefits of CBDCs and ensure that they are implemented in a way that maximizes their potential benefits while minimizing their potential harms.
One potential danger associated with CBDCs is the potential loss of privacy. As CBDCs would allow central banks to track every transaction made with the currency, there is a possibility of serious implications for privacy and personal autonomy. Governments could use this information to monitor and control citizens’ spending, limiting their ability to make purchases deemed “unhealthy” or “unnecessary.” This concern has been raised by privacy advocates and some members of the public.
Another potential danger associated with CBDCs is the potential for increased surveillance and control. As CBDCs would be entirely digital, governments and central banks would have the ability to freeze or seize funds at will. This could be used to crack down on dissent or to punish individuals for behavior deemed unacceptable by those in power. Additionally, because CBDCs would be entirely digital, they could be subject to cyber attacks, which could result in the loss of funds or other sensitive information.
Despite these potential risks, CBDCs could also offer significant benefits, such as increased financial inclusion, faster and more secure transactions, and reduced transaction costs. As such, policymakers must carefully consider the potential risks and benefits of CBDCs and ensure that they are implemented in a way that maximizes their potential benefits while minimizing their potential harms.
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Bank of England
Bitcoin Rallied over the Weekend and UK Treasury is in Search for a CBDC Head – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
January 31, 2023By
adminBy Marcus Sotiriou, Market Analyst at the publicly listed digital asset broker GlobalBlock (TSXV:BLOK)
Bitcoin continued its comeback over the weekend, as it rallied to a high of almost $24,000. However, this morning it has retraced all of its weekend gains, as it is now around $23,200, which aligns with the range high from the short-term range Bitcoin broke out from over the weekend. The way Bitcoin reacts at this level could be key in determining Bitcoin’s next move.
The UK is demonstrating more urgency toward launching a CBDC, as the U.K. Treasury posted a job on LinkedIn title ‘Head of Central Bank Digital Currency’. The Bank of England will work with the Treasury team on the build out of the digital pound. This role mentioned is separate from the current head of crypto-assets and digital currencies, but will exist in the already established Payments and Fintech Team.
The posting says, “the successful candidate will be responsible for leadership of HM Treasury’s work on a potential digital pound – a U.K. central bank digital currency (CBDC)”. This follows Bank of England Deputy Governor, Jon Cunliffe, announcing in November that the need for a digital pound has been proven with the collapse FTX.
We could see an influx of CBDCs being launched over the next 10 years. In fact, in a recent Official Monetary and Financial Institutions Forum (OMFIF) survey, two thirds of central banks said they would issue a CBDC within 10 years.
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