BoE official calls for national conversation digital pound and privacy

13/09/2023 | Reuters

The Bank of England's (BoE) deputy governor designate, Sarah Breeden, has called for a "national conversation" to address public concerns surrounding a digital version of the pound. Breeden stated that despite her support for a central bank digital currency (CBDC), there are concerns about privacy and the role of the state in managing it. Critics worry that governments could use CBDCs to monitor people's spending habits and restrict the use of cash. Breeden emphasised the need to reassure the public on how privacy will be maintained and that trust should not be assumed in practice. The BoE and Britain's finance ministry have been consulting on the introduction of a digital pound, likely in the second half of this decade.

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