On the Record by Bitcoin Policy UK
The UK's Bitcoin policy conversation
On the Record by Bitcoin Policy UK brings the organisation’s latest work and thinking to audio. Listen to policy papers, consultation responses, research briefings, commentary, and interviews with members of the BPUK team.
Covering Bitcoin regulation, CBDCs, financial freedom, digital finance trends, and more, the podcast helps policymakers, professionals, and those exploring Bitcoin stay informed on the issues shaping its future in the UK and beyond.
Learn more at https://bitcoinpolicy.uk/
On the Record by Bitcoin Policy UK
Response to the Bank of England on the Digital Pound
In this episode, we present an audio version of Bitcoin Policy UK's response to the Bank of England’s consultation on privacy and the digital pound (CBDC).
🔑 Key themes covered:
- Why we remain opposed to the introduction of a UK CBDC, seeing it as a “solution in search of a problem.”
- The unique privacy features of physical cash, and why a digital pound cannot replicate them.
- The risks of a tiered wallet system that trades usability for personal data, undermining both privacy and financial inclusion.
- Concerns over the Bank’s proposed “pass-through” model, which could create a surveillance honeypot of personal and transaction data.
- Why we argue that if any digital pound were to be created, the “least worst” option would be a Chaumian e-cash system, preserving anonymity and functioning as a true digital bearer instrument.
- The discriminatory nature of KYC requirements in CBDCs, which would exclude many of the very people cash currently serves.
- Broader economic and ethical concerns, including conflicts of interest with stablecoin markets and the enormous cost of maintaining a CBDC infrastructure.
📄 Read the full written paper here:
👉 Response to the Bank of England on the Digital Pound
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