The Bank of England is thinking about the digital pound.

 

 

The Bank of

 England is thinking about the digital pound.

The Bank of England and the Treasury are aiming to launch the digital pound

also known as "Britcoin", by 2025. However, the ambiguity surrounding

 this move raises concerns.

In response to the Central Bank's Digital Currency Consultation 

(CBDC) published in February 2023,

The Bank of England (BoE) and the UK Treasury provided

 their feedback, focusing on "privacy and control."

In an announcement published 

by the Bank of England on 25 January

They indicated that they had not made 

a final decision on the launch of the digital pound.

However, officials will continue to study the feasibility and design of

 the Central Bank's digital currency (CBDC).

In addition

both institutions announced their intention to "protect access to cash" 

should the central bank's digital currency be launched

providing residents with an additional payment option.

According to the Bank of England, "if the digital pound is implemented

basic legislation will be put in place to ensure users' privacy and control."

The central bank's digital currency will give users

 full control over their digital money spending

The government 

or bank will not be able to access any records containing personal information.

The British government is putting pressure on the Bank of England

 and the Treasury to increase transparency about the potential costs of 

creating a central bank digital currency.

Many UK residents have expressed concern that the launch of the digital 

pound could lead to a violation of privacy and control of

 financial 

transactions by the government.

CryptoUK spokeswoman stated

A regulatory association for the cryptocurrency industry

she said:

 "We would like to see more details from the Government

 and the Bank of England on this important issue.

including 

a clearer action plan and timetable for the next steps of the digital pound ".

This current lack of clarity and guidance poses a risk that 

could cause confusion and stimulus in the UK's crypto digital asset industry.

In addition to

 people seeking to build, invest and develop the industry

Where the market continues to develop. Thus, CryptoUK members

 demand greater certainty from regulators and legislators.

The Bank of 

England and the Treasury have announced that they expect 

the digital pound, sometimes known as "Britcoin", to be issued by some audiences

 within 2025, if their plans to implement the cryptocurrency continue.

Since the first proposal to launch the digital pound, changes have taken 

place in UK government leadership, including the appointment of 

individuals responsible for the economy's policies.

The digital dollar is expected to become an election theme in

 the U.S. presidential election scheduled for November 2024.

These elections

 are held between different candidates.

On the other hand, the former President of the United States and current

 Republican Party candidate, Donald Trump, expressed his rejection of

 the digital dollar and asserted that he would "never" be allowed t

 protect Americans from government abuse.

However

Ron DeSantis, Florida's governor who was opposed to the digital

 currency of central banks and pledged to ban it if he won the election, withdrew.