Central bank digital currencies are more divisive than anything. On one side there are the rulers eager for monetary totalitarianism who persist in developing them. On the other, in the opposing camp, evolve people concerned about their freedom and their financial emancipation. They are reluctant to this type of asset. Against all odds, the UK Treasury Secretary for Economics joined this anti-CBDC clan.
UK on the verge of rejecting CBDCs?
Pro-crypto, Rishi Sunak could not materialize his plan to return Britain as a global crypto hub without the help of his lieutenants. Fortunately, he has an economic secretary to the Treasury by the name ofAndrew Griffitha real enthusiast who does not lack knowledge in terms of digital assets.
Reuters recently published an article on the latter. According to the outlet, Mr. Griffith is calling for a caution regarding central bank digital currencies or CBDC.
” UK Financial Services Minister: Britain should be careful about issuing a CBDC e-book, given privacy and other issues at stake. »
Many see in CBDCs an effective way to trample the privacy of the population. In the event of a mass deployment of CBDCs, we can say goodbye to what we have left of freedom. And hello the totalitarianism !
For Andrew Griffith, the caution is in order. He also spoke to the Economic Affairs Committee of the House of Lords about the need for “joint consultation with the Bank of England “.
Furthermore, a ” public debate » extended is not to be ruled out with regard to the issue of a digital book.
No rush with cryptocurrencies
Unlike China, the UK has not chosen to ban bitcoin and other cryptocurrencies. The local elected officials, with the help of King Charles III, preferred to consider them as a ” regulated financial activity “.
Nevertheless, it must be recognized that there are a few skeptics in the country.
Here is the message issued by Andrew Griffith against them:
” Some parliamentary colleagues have suggested that crypto-assets are more akin to gambling, which I refute is not the position of the government. Appropriate regulators are financial regulators, with their deep expertise and understanding of issues such as how to ensure fair markets and protect consumers “.
It should also be mentioned that the same Secretary of State recently responded to some lawmakers who proposed to appoint an official responsible for exclusively overseeing the regulation of cryptocurrencies UK.
” The government does not intend to appoint a crypto czarbut I pledge to defend the sector rightly, as Secretary of State for the Economy and Head of Financial Regulation in the UK “, he replied.
Many see this position taken by a member of the government of an economic power like Great Britain as a very fine initiative. Because with the IMF and the FED seduced by the CBDCs, the chance that this asset will be deployed on both sides of the world seems high.
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