Bank of England to consider digital money plan

I read this as they’re creating CBBC.

I’m not sure what the point is tbh

Yeah I’m not either really.

I guess (suggested from the article slightly and also my own assumption) it means BoE can have a perfect and instant record of every transaction, as opposed to relying on the high street banks to go through clearing every day?

Benefits to them of less possibility for fraud/mistake perhaps.

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Neither do they probably. Hence taskforce.

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TeletubbieCoin

An attempt at something not DeFi to keep ‘central’ control over ‘local’ currency, when in fact the world economies will soon be screaming “NO”

The digital currency uprising is upon us. Banks? -they’ll still exist for a while, but get a service/hardware/paper digital wallet now so you can exist in the new frontier. Wild :cowboy_hat_face:

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So they can keep tabs on the transactions and don’t get cut out the equation.

I don’t know who would go for it though

Sounds interesting, but surely it is concerning for banks?

I also wonder how money can be protected should I get scammed or have my money stolen since there is now no “middleman” who is responsible for protecting it.

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Hmmm. That’s a very interesting and worrying point.

I need to start a new business… banking insurance :sweat_smile:

Cover all your banking for as little as £4.99 a month.

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If they call it Britcoin I guess quite a lot of people will jump at the opportunity.

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They could have Irish currensea border coin as well

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Although at that point Currensea may want a word

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Lol :joy:

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In the original BBC article the analysis by their editor tries “coin” this phrase too :drum:

Should do as well as Britbox

For those that haven’t heard of it…

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Jokes aside the whole point of cryptocurrencies is to get away from a single point of authority. You are wanting to cut out the middleman and it’s all decentralised.

This offers zero upside over existing blockchain solutions.

So no-coiners will go I’m quite happy with my already “digital” money in my account, direct debits and paying with debit/credit cards and phone taps.

And crypto fans will shun it.

Its basically the equivalent of

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Yep, feels a bit like they’re trying to not get left behind by something they don’t yet actually understand.

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Well they must be in a slight panic over the decades ahead.

If the government and banks are cut out of the loop then its certainly bad financially for them.

Especially once it gets to the stage where the average person on the street realises that instead of handing over their money to bank who can make money lending it out that they can do that themselves with Defi and be their own bank.

Digital money in a banks database, digital money in a wallet it’s the same thing. Just who controls it.

Its clear why Paypal and Visa have done the smart thing and getting involved now rather than risk potentially being cut out of the chain.

I’m not talking next year before anyone jumps on that but within the next 50yrs the finanical world we be very different imo.

It will be interesting to see what the conclusion is.

Personally I think they’ll park it for review again in X years, especially since they still haven’t set an agenda to even start discussing it.

If it did go ahead, I wonder if they’d try to bolster it by banning crypto like Turkey has recently announced.

Well they successfully managed to kill off crypto ETNs like BTCE inside an ISA from poking the FCA into it.

The worst UK gov could do is prevent businesses from taking crypto payments imo.

I would say the horse has bolted though, too many trillions now involved worldwide.

Erdoğan has done a fine job in making the Lira worthless which is why the uptake was dramatically increased over the last few months as general people tried to prevent their savings from eroding. So it’s very much a knee jerk panic to a 400% spike in Turks googling how to convert Lira into Bitcoin.

Last month

“On the contrary, I think for the next 50 years the financial world is going to stay largely the same” ← said no one, ever :laughing: