BC of England says Brits can trust their digital currency, ‘Britcoin’

In a document published on Thursday (25), the Central Bank of England clarified doubts about the creation of its digital currency, also called “Britcoin”. The text is also a response to criticism from citizens, as evidenced by the transition.

In short, the BC states that paper money will continue to exist, that is, digital currency will only be a supplement. It then also points out that 10 digital pounds will always have the same value as a £10 note. So it is not a new currency, just a new technology.

However, the most important point is the issue of privacy and state control over citizens’ money.

“You were also concerned about important issues such as privacy and freedom of choice.”wrote the English BC. “Just like the money you use today, your trust in a digital pound is essential.”

“Future laws around any digital pound will guarantee the privacy of its users and will also ensure that neither the Bank of England nor the government will monitor how you spend your money.”

To conclude the paragraph, it is also noted that citizens will have the choice of whether or not to use the digital pound. The statement is controversial because it contradicts the previous statement that Britcoin has the same value as a pound note. After all, the text implies that no one will be forced to accept it.

While it claims to be concerned about the privacy of its citizens, the article notes that the digital pound will not be as anonymous as cash. Therefore, they will have to trust the government and its laws.

“Digital payments leave a digital footprint and therefore cannot be anonymous like cash”writes the English BC. “Although digital payments are not anonymous, the privacy of the user’s identity and the data generated by transactions are rigorously protected through data protection laws passed by Parliament.”

The Central Bank of England is taking the opportunity to speak negatively about cryptocurrencies

Although Bitcoin technology and other cryptocurrencies are used as the basis for various central bank digital currencies, they insist on disdaining these assets. In the text about the digital pound, the English BC compares its future currency with decentralized cryptocurrencies and says the following:

“A digital pound would provide a safe and stable form of money for everyday spending, unlike the risky, volatile and speculative crypto assets often traded today.”

Although there is no launch date yet, the introduction of the British digital currency seems only a matter of time, following the example of countries such as Brazil, China and Nigeria.

According to the BC of England, the next phase of Britcoin will be a proof of concept, i.e. a testing phase as happened in other countries and currencies.