A Britcoin would trade convenience for societal dangers that hard cash keeps in checkTwo years ago, the House of Lords looked into whether the Bank of England should issue digital pounds to be held in electronic wallets. Peers were unconvinced, asking if this wasnt a solution in search of a problem. Last December, MPs on the Treasury select committee said the same thing. The governments response, however, was to tell the public to prepare forĀ a Britcoin to be in use by the end of the decade.Physical money has been around for thousands of years for good reason. Cash is convenient, reliable and anonymous. It seems unlikely that these advantages could be replicated online. State-backed e-cash might look inevitable to officials who say money is already digital, pointing to cryptocurrencies and smartphone payments. But central bank digital currencies (CBDCs) are different. A Britcoin would shift the management burden from commercial banks to Threadneedle Street. Continue reading...

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Finextra: Wednesday March 27, 2024

ClearBank joins Digital Pound Foundation

ClearBank has announced their membership to the Digital Pound Foundations (DPF) membership community. ClearBank joins the Foundation as an Associate Member and will take part in the Identity and Privacy and Policy, Legal and Regulatory Working Groups.

Digital Pound