Skip to main content
WeLoveTrump.com may receive compensation from affiliate partners for some links on the site. Read our full Disclosure here.

UK Announces Consultation For Potential Central Bank Digital Currency


1,034 views

The UK keeps turning the heads of “conspiracy theorists” with their recent announcements. 

Not long ago, they announced the planned 2022 rollout of a social credit system for public health.

Now they’re floating the idea of a “Central Bank Digital Currency.”

A centralized digital currency rings an urgent alarm in the minds of critical thinkers aware of the Great Reset agenda.

Anyone who values financial freedom should reject the premise of a Central Bank Digital Currency.

It’s total government control disguised as a convenience. 

Here’s a breakdown of how they want to use the COVID-19 “pandemic” to implement a digital currency:

A universal digital currency equals your servitude to the global elite who control the digital monetary supply.

Does it make sense that the UK Treasury and Bank of England announced a consultation next year to discuss the potential use of a “Central Bank Digital Currency?”

Here’s the formal announcement from UK Parliament:

The UK, like many countries, is actively exploring the potential role of a retail central bank digital currency (CBDC) as a complement to cash and bank deposits. A retail CBDC would be a new form of digital money, denominated in Sterling and issued by the Bank of England, for use by people and businesses for their everyday payments needs. Exploring the opportunities that a CBDC could offer is aligned with the government’s wider agenda to remain at the forefront of innovation and technology in financial services.

Earlier this year, the Chancellor of the Exchequer announced a Taskforce jointly chaired by HM Treasury and the Bank of England to lead the UK’s exploration of a UK CBDC, along with forums to engage a broad range of stakeholders from across our economy and society, including consumer groups, think tanks, businesses, academics, financial institutions and technology experts. The Taskforce will ensure the UK authorities adopt a strategic and coordinated approach as they explore a CBDC, in line with their statutory objectives.

No decision has been taken by the government and Bank of England as to whether to issue a UK CBDC, which would be a major national infrastructure project. A decision will be based on a rigorous assessment of the overall case for a UK CBDC and will be informed by extensive stakeholder engagement and consultation.

Exploring and delivering a UK CBDC, if there were a decision to proceed, would require carefully sequenced phases of work, which will span several years. I am today setting out the next steps for the exploration of a UK CBDC.

The UK authorities are currently engaged in a process of research and exploration to examine the opportunities and implications of CBDC. As part of those explorations, HM Treasury and the Bank of England will publish a consultation in 2022 setting out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC.

If there is a decision to proceed following the consultation, a development phase would include the publication, by the Bank of England, of a technical specification to explain the proposed conceptual architecture for a UK CBDC. This development phase could involve in-depth testing of the optimal design for, and feasibility of, a UK CBDC.

Following this, a decision would be taken on whether to move into a subsequent build and testing phase. Given the scale and national importance of such a project, this phase would likely take several years and could involve the development of large-scale prototypes and live pilots.

Were the results of each of these phases to conclude that the case for CBDC were made, and that it were operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade.

The government is also committed to continuing to work closely with international partners on the cross-border implications of a potential CBDC. The UK, through its G7 Presidency, has been leading the global conversation on the opportunities and implications of CBDC. G7 central banks and finance ministries have developed a set of public policy principles for CBDC, and a full report capturing these principles was published in October. These international principles for CBDC represent a step change in the global conversation and are intended to support and inform exploration of CBDCs in the G7 and beyond.

The Bank of England also held a news release:

HM Treasury (HMT) and the Bank of England (the Bank) have today announced the next steps on the exploration of a UK Central Bank Digital Currency (CBDC). CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses for their everyday payments needs. It would exist alongside cash and bank deposits, rather than replacing them.

In 2022, HMT and the Bank will launch a consultation which will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC. It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work.

This consultation will form part of a ‘research and exploration’ phase and helps to inform policy development over the next few years.

No decision has been made on whether to introduce a CBDC in the UK, which would be a major national infrastructure project. In April 2021, the Bank and HMT initiated the joint CBDC Taskforce to coordinate the exploration of a potential UK CBDC. The Bank also set up the Engagement and Technology forums, where relevant stakeholders from industry, civil society and academia provide strategic and technical input to the work on CBDC.

The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. A technical specification would follow the consultation explaining the proposed conceptual architecture for any CBDC. This could involve in-depth testing of the optimal design for, and feasibility of, a UK CBDC.

If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade.

Economic Secretary to the Treasury, John Glen, said:

“This consultation will begin an open discussion on the role a UK central bank digital currency might play in the UK.

“I’d encourage everyone to contribute to the discussion so we can explore the opportunities this could bring, as well as understanding any risks it may pose.”

Deputy Governor for Financial Stability, Jon Cunliffe, said:

“The plan to publish a consultation next year on CBDC is a crucial step in our policy development, especially as we further our thinking on the pressing issues at hand. What it will do is provide a platform for interested parties and relevant groups to engage with the key questions on the merits of CBDC, and whether the public sector should advance to a development phase.”



 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

We Love Trump
Thanks for sharing!
Send this to a friend