Bank of England Rethinks CBDC Plans
Main Idea
The Bank of England (BoE) is reconsidering its support for a central bank digital currency (CBDC) due to public backlash and privacy concerns, while UK authorities crack down on illegal crypto ATMs.
Key Points
1. BoE Governor Andrew Bailey expressed skepticism about the necessity of a digital pound, signaling a shift from the institution's earlier pro-CBDC stance.
2. The digital pound project faced strong public backlash, with over 50,000 critical responses to a public feedback request, primarily due to privacy concerns.
3. UK authorities seized seven illegal cryptocurrency ATMs and cracked down on unregistered crypto exchanges, enforcing anti-money laundering regulations.
4. Globally, three countries (The Bahamas, Jamaica, and Nigeria) have already launched CBDCs, while 49 others are in various stages of development.
5. The US has banned Federal Reserve efforts to develop a CBDC without congressional approval, reflecting similar regulatory hesitations.
Description
BoE Governor Andrew Bailey recently suggested that improvements in commercial payment systems may eliminate the need for a CBDC, which is a major shift from the institution's earlier pro-CBDC stance. The project also faced strong public backlash, privacy concerns, and slow progress, leaving the UK trailing behind other nations in CBDC development. Meanwhile, UK authorities seized seven illegal crypto ATMs in London and arrested two people in a crackdown on unregistered operations. Similar concer...
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