Susie on Nostr: In June 2023, I published "Why I believe the Bank of England’s CBDC consultation ...
In June 2023, I published "Why I believe the Bank of England’s CBDC consultation amounts to a national scandal", highlighting concerns over transparency and control.
Since then, the Bank of England has promised legislation to protect privacy and maintain access to cash. But officials are now expressing doubts about launching Britcoin before 2030, citing privacy concerns, costs, and public apprehension about government control over finances.
As the House of Lords' Economic Affairs Committee aptly described, CBDCs are "a solution in search of a problem," potentially costing taxpayers significantly without clear benefits.
To date, there have been no successful CBDC launches when measured by adoption. Every attempt so far has failed to gain meaningful traction. So why are we doing this?
Also, the choice of the name Britcoin is certainly interesting. Whether intentional or not, it risks confusing a state-controlled currency with Bitcoin, which operates outside government control.
Is this a win for privacy—or just a delay before rollout?
https://t.co/ZVoZFxGX5S
Since then, the Bank of England has promised legislation to protect privacy and maintain access to cash. But officials are now expressing doubts about launching Britcoin before 2030, citing privacy concerns, costs, and public apprehension about government control over finances.
As the House of Lords' Economic Affairs Committee aptly described, CBDCs are "a solution in search of a problem," potentially costing taxpayers significantly without clear benefits.
To date, there have been no successful CBDC launches when measured by adoption. Every attempt so far has failed to gain meaningful traction. So why are we doing this?
Also, the choice of the name Britcoin is certainly interesting. Whether intentional or not, it risks confusing a state-controlled currency with Bitcoin, which operates outside government control.
Is this a win for privacy—or just a delay before rollout?
https://t.co/ZVoZFxGX5S