Andrew Bailey Shoots Down New Central Bank Digital Currency in Policy Shift – Guido Fawkes

Andrew Bailey Shoots Down New Central Bank Digital Currency in Policy Shift

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The Bank of England is playing down the chances of an intrusive Central Bank Digital Currency today. A win for fans of privacy…

Briefings from staff at the Bank – which previously said it believed a “digital pound” was “likely” to be needed – indicate that the BoE is letting private businesses take the lead and won’t push for a CBDC at this time. They are pernicious risks to financial privacy and a successful hack could topple the system…

Later at his appearance before the Treasury Select Committee in the Commons today BoE Governor Andrew Bailey said private efforts could generate “huge benefits” themselves: “My view is, if that’s a success, I question why we need to introduce a new form of money.” Bureaucrats push for the currency to exact more control over transactions – which would all be stored on a central ledger. Raising taxes would be easier than ever…