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Bank of England Considering Launching a Digital Currency

Published: April 19, 2021
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Britain’s Treasury and the Bank of England are weighing the potential creation of a central bank digital currency, reports Bloomberg.

The government and central bank on Monday announced the creation of a task force to coordinate on the possibility of BOE-issued digital money for use by households and businesses. 

If approved, the digital currency would “exist alongside cash and bank deposits, rather than replacing them,” according to the statement.

If a digital currency operates alongside cash and checking accounts, then it is not a threat to privacy that an entire digital-only currency would be. It would be more like a debit card with cash as an option but it would be a slippery slope.

 -RW

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