UK Treasury Committee report warns of UK digital pound privacy risks

04/12/2023 | UK Parliament

A report published by the House of Commons Treasury Committee as part of its inquiry into the crypto-asset industry warns that evidence of the benefits of a UK digital pound have not yet been sufficiently demonstrated to outweigh the risks to financial stability and personal privacy. The report urges the Bank of England and HM Treasury to continue exploring the Central Bank Digital Currency (CBDC) but said that both entities should "proceed with caution" due to significant risks and challenges. These include concerns over how authorities would use the personal data belonging to the digital pound holders. According to the report, both the Bank of England and Treasury consultation paper indicate the digital pound would not be anonymous in order to prevent financial crime. The report also references work carried out by the Information Commissioner's Office (ICO) in relation to public concerns over the storage and use of personal data. 

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