Bank of England published paper on digital pound CBDC

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Von Krypto News Österreich

Am 7. Februar veröffentlichten die Bank of England und das Finanzministerium von HM ein Konsultationspapier zum „digitalen Pfund“, einer digitalen Währung der britischen Zentralbank. Es fügte hinzu, dass die CBDC strengen Datenschutz- und Datenschutzstandards unterliegen würde. „Es wäre von Natur aus datenschutzfreundlich und würde es den Benutzern ermöglichen, Entscheidungen über ihre Daten zu treffen“, erklärte die Bank. Die Bank of England sagte, es sei zu früh, um über die Einführung des digitalen Pfunds zu entscheiden, hielt es jedoch für wahrscheinlich, dass eines in Zukunft benötigt werde. Heute sind die Bank of England und @hmtreasury haben ein Konsultationspapier zum digitalen Pfund, …
On February 7, the Bank of England and the Ministry of Finance of HM published a consultation paper on the "digital pound", a digital currency of the British central bank. It added that the CBDC would be subject to strict data protection and data protection standards. "It would be inherently data protection -friendly and would enable users to make decisions about their data," said the bank. The Bank of England said that it was too early to decide on the introduction of digital pounds, but thought it was likely that one would be needed in the future. Today are the Bank of England and @hmtreasury have a consultation paper on the digital pound, ... (Symbolbild/KNAT)

On February 7, the Bank of England and the Ministry of Finance of HM published a consultation paper on the “digital pound”, a digital currency of the British Central Bank.

It added that the CBDC would be subject to strict data protection and data protection standards.

"It would be naturally data protection -friendly and would enable users to make decisions about their data," said the bank.

The Bank of England said it was too early to decide on the introduction of digital pounds, but it considered it likely that one would be needed in the future.

Today are the bank of England and @hmtreaeasury Consultation paper on the digital pound, a digital currency of the British Central Bank. Find out more here: https://t.co/jisyz0kvtb pic.twitter.com/khyoy0dlaz

-Bank of England (@Bankofland) 7. February 2023

British digital pound is moving closer

The CBDC for retail would be used by households and companies for daily payment needs, according to the paper. In addition, it would be used in shops and in online shopping and would be transferable between the parties.

The digital pound will exist alongside cash and will be interchangeable with it and bank deposits. In addition, it would be accessible via smartphones, which indicates that the central bank also develops a digital wallet.

The bank admitted that cash payments declined, which tightened its striving for a digital economy. In 2021, card payments made up almost 60 % of the payments in Great Britain, and 32 % of all payments were contactless, as the paper revealed.

However, it is not yet ready to abolish cash, as it is still popular with many citizens.

"Around 1.2 million adults in the United Kingdom have no bank account and a fifth of people names cash as a preferred payment method."

It is even more important that the paper stated that the Bank of England and the government would not see any personal data. This statement should dispel fear that CBDCs are used by governments as instruments for financial surveillance.

Unlike in many Asian countries, the digital pound would also be available for people who are not based in Great Britain, it said.

The British central bank, however, is vehemently against decentralized cryptocurrencies, so this could be an impetus to drive people away from them.

CBDC ecosystem Latest

According to the CBDC tracker of the Atlantic Council, there are 11 nations that have introduced a CBDC, and they are all in the Caribbean except Nigeria. In addition, 17 nations go through pilot projects, most of them in Asia.

Great Britain is still in the development phase of its CBDC introduction.

In related messages, the bank based in Switzerland for international payment compensation (biz) February 7 that in 2023 it will focus on CBDCs to improve payment systems.

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