'Britcoin' currency proposed

[brad465]

There have been reports in the last few months that the Bank of England want a centralised digital currency to run alongside physical sterling and be equal in value. In the last day or so some are now speculating Sunak will announce this, in what's being labelled 'Britcoin' in an effort to boost the economy through enhancing ability to make digital payments:

Rishi Sunak Planning To Replace Cash With Official Digital Currency ‘Britcoin’

Chancellor Rishi Sunak is reportedly pushing plans to replace cash with an official digital currently labelled ‘Britcoin’, which would be controlled by the Bank of England. As cryptocurrency becomes an increasingly popular way to buy and sell, Sunak has raised the prospect of integrating the...

www.unilad.co.uk

Chancellor Rishi Sunak is reportedly pushing plans to replace cash with an official digital currently labelled ‘Britcoin’, which would be controlled by the Bank of England.

As cryptocurrency becomes an increasingly popular way to buy and sell, Sunak has raised the prospect of integrating the digital payments into our every day lives in an effort to boost the economy.

The plan would see the Bank of England establish a direct digital equivalent to physical money, which it would control in the same way as it does pound sterling.

I expect and support arguments which will emerge that this risks becoming a major step on the road to a cashless society that may morph into a Chinese/Orwellian style social credit/surveillance system. How vocal this argument actually gets will remain to be seen, but we'll have to wait for an official announcement of the plans to be sure.

 

[yorksrob]

We can already do transactions digitally in Sterling, so I don't see the point.

 

[D365]

Has anyone here watched USA Network's Mr. Robot? This seems a very apt time to cite the intentions of the antagonistic E-Corp conglomerate...

 

[Mcr Warrior]

Has anyone here watched USA Network's Mr. Robot? This seems a very apt time to cite the intentions of the antagonistic E-Corp conglomerate...

Nope. Who or what are they (in a nutshell)?

 

[Typhoon]

We can already do transactions digitally in Sterling, so I don't see the point.

Exactly. I know quite a few people who won't shop or bank on-line so why does our Chancellor think that they will take to 'Britcoin'?

The Treasury is reportedly thought to be more keen on the idea than the Bank of England due to the number of people that are turning to cryptocurrencies, with some investors having lost huge sums of money through ventures.

is hardly going to convince them otherwise.

To be honest, the article seems a little confused:-

Chancellor Rishi Sunak is reportedly pushing plans to replace cash with an official digital currently labelled ‘Britcoin’, which would be controlled by the Bank of England.

and

the Bank of England has assured that a digital version of sterling would not replace physical cash or existing bank accounts.

It will distract the chattering classes away from the dire situation the country's budget is in for a couple of days. The Treasury mandarins would be better employed working out how adult residential care is going to be paid for instead of kicking it into the long grass again.

(All quotes from article reference in #1)

 

[D365]

Nope. Who or what are they (in a nutshell)?

It's hard to pin it down, but essentially, E Corp is a fictional amalgamation of companies like Wal-Mart, Apple, Samsung, Dell and (most notably) Bank of America and General Electric. According to the titular Mr. Robot character, E Corp own 70% of the global consumer credit industry.

Spoiler: Plot spoiler

The relevance here is that E Corp's aim is to make their "Ecoin" the single form of currency across America and, eventually, the world. Like with the proposed "Britcoin", the true agenda behind Ecoin is never entirely revealed.

 

[eastdyke]

.....
I expect and support arguments which will emerge that this risks becoming a major step on the road to a cashless society that may morph into a Chinese/Orwellian style social credit/surveillance system. How vocal this argument actually gets will remain to be seen, but we'll have to wait for an official announcement of the plans to be sure.

Whatever the truth this will not be in the stated plans!

It is of concern that this should be immediately seen as another brick in the dystopian wall that may yet surround and control us. The thin end of that very nasty wedge just got a little thicker.

 

[pdeaves]

We can already do transactions digitally in Sterling, so I don't see the point.

Agree entirely.