From the Bank of England:
The digital pound would be a new type of money issued by the Bank of England for everyone to use for day-to-day spending. You would be able to use it in-store or online to make payments.
This type of money is known as a central bank digital currency (CBDC). You may also hear it being called ‘digital sterling’ or even ‘Britcoin’. We call the UK version of CBDC the digital pound.
The digital pound would be denominated in sterling and its value would be stable, just like banknotes. £10 in digital pounds would always have the same value as a £10 banknote.
If we introduced it, it would not replace cash. We know being able to use cash is important for many people. That’s why we will continue to issue it for as long as people want to keep using it. [Not trustworthy…]
The digital pound would not be a cryptocurrency or cryptoasset. As opposed to cryptocurrencies, which are issued privately, the digital pound would be issued by the Bank of England and be backed by the Government.
We have published a Consultation Paper, which explores the need for the digital pound and proposes a set of design choices for it.
- 7 June is the deadline for the consultation
- UK Citizens ‘For the People By the People’
- Digital Pound Public Consultation Paper and Technology Working Paper (Download)
Comment from a reader:
Did you know this was out for public consultation?
It wasn’t on the news, in print or on the radio, and it’s not being spoken by many people at all, because they don’t want us to know till it’s too late. The Public Consultation closes on 7 June 2023.
You can just put in each box “I don’t agree with CBDC in any circumstances. I did not vote for this”.
If you have more time, you can add more. Please share widely because once control is lost, there’s no getting it back! (MG)
Controversy Erupts as Canada Pushes Forward with CBDC Plans – Angry Reactions Flood Social Media:
In this video, we dive deep into the uproar surrounding Canada’s attempt to roll out a Central Bank Digital Currency (CBDC). Canadians are not happy about it. (Redacted/YT)
Revealed: This Is How Central Banks Will Quietly Push CBDCs By Stealth (Reclaim the Net/YT):