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Bank of England considering launching a digital currency

Britain’s Treasury and the Bank of England are weighing the potential creation of a central bank digital currency, reports Bloomberg.

The government and central bank on Monday announced the creation of a task force to coordinate on the possibility of BOE-issued digital money for use by households and businesses.

If approved, the digital currency would “exist alongside cash and bank deposits, rather than replacing them,” according to the statement.

If a digital currency operates alongside cash and checking accounts, then it is not a threat to privacy that an entire digital-only currency would be. It would be more like a debit card with cash as an option but it would be a slippery slope.

Article: Bank of England considering launching a digital currency

 

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