The Bank of England highlights the importance of digital currencies

The European institution, through Tom Hutton, described its plans for the launch of a digital pound sterling

Bank of England director of fintech Tom Hutton recently spoke about the UK’s plans to implement a central bank digital currency (CBDC) during the Cryptocurrency and Digital Assets Summit hosted by the FinancialTimes in London.

According to a report, Hutton’s talk focused on the issues of privacy and anonymity, which he says are at odds with the Bank of England’s stance on digital currency.

Hutton described the UK’s plans to create a digital sterling as feasible only if the highest privacy standards are upheld. Furthermore, he explained that this type of product was never intended to provide anonymity:

Alluding to concerns that cryptocurrencies could be used for criminal activity, although experts estimate that this represents only 0.10-0.15 % of all cryptocurrency use, Hutton also mentioned that anonymity is a policy issue. public and something that should not be allowed to continue.

In other comments, he explained that the digital pound would not be compatible with cryptocurrencies, since the latter do not fulfill any of the functions of money. These remarks come less than a month after Bank of England Deputy Governor Sir John Cunliffe spoke at the Innovative Finance Global Summit in London.

K. Tovar

Source: Cointelegraph

(Reference image source: Robert Bye, Unsplash)

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