Digital Pound Likely This Decade, Treasury Says

[Guest]

2 hours ago, Waldo said:

One positive (or negative, depending on your point of view) will be the elimination of forged money. Also, convenience, ease of use etc. Though for some people, perhaps mostly the elderly and not tech savvy, imagine they could struggle with it.

 

Same problems as with regular currencies though, it can be created out of nothing, more easily added to the money supply, thus devaluing what you currently own, some may liken this to theft. To my mind, that’s exactly what it is.

 

I’m a bit sceptical (though no doubt it’ll be a mixed bag, some good, some bad); for me, anything that gives more control and power to central authorities, is not good.

 

The following article discusses differences between CBDC and actual crypto.

 

https://www.makeuseof.com/cbdcs-vs-cryptocurrencies-whats-the-difference/

We always need to think carefully before giving the state a free hand.

Whatever they do is usually more to their benefit than ours.

 

 

 

1 hour ago, Al Bundy said:

Just an example of why I like cash options.

 

Landed at Luton airport last year and had to take the bus to Luton parkway train station.  The driver didn't accept cash and my bank card did not have that contactless symbol on so I was unable to pay.  I then I had to return to the airport to buy a ticket for this bus at a kiosk, thus taking up enough time to make me miss my train to Sheffield!!

 

I had to buy a new train ticket at a cost of 87 pounds because my original train ticket was for the train that had left 30 minutes earlier!!

 

Cash is king!!!!

This country is turning into a Carry On film

We agree again Mr Bundy.

 

 

 

 

 

Edited March 16, 2023 by Organgrinder

[Guest makapaka]

It’s naive to think it’s just a matter of paying for things by card or cash.

 

they’re already warming people up for currency being provided by the likes of Amazon and google - they won’t be doing it for the good of their health.

 

There are loads of other potential issues - particularly how it could be used to restrict how and where you spend your money and how it is issued to you or taken from you. 
 

If we take a step back and think about who this would potentially benefit- it’s certainly not the general public - so why is it happening?

Edited March 16, 2023 by makapaka

[XPertByExperien]

2 hours ago, makapaka said:

It’s naive to think it’s just a matter of paying for things by card or cash.

 

they’re already warming people up for currency being provided by the likes of Amazon and google - they won’t be doing it for the good of their health.

 

There are loads of other potential issues - particularly how it could be used to restrict how and where you spend your money and how it is issued to you or taken from you. 
 

If we take a step back and think about who this would potentially benefit- it’s certainly not the general public - so why is it happening?

I already buy far too much on Amazon as it is according to my Parents.

 

According to an email this morning, there's a package coming today, which wasn't originally due till tomorrow, this year's WWE game on Xbox.

 

 

[The_DADDY]

The Bank of England will now take forward further research and development work and the public are being invited to give their views on the scheme to be taken forward.

 

The consultation is being launched because both HM Treasury and the Bank want to ensure the public have access to safe money that is convenient to use as our everyday lives become more digital, while supporting private sector innovation, choice and efficiency in digital payments.

 

Chancellor of the Exchequer, Jeremy Hunt said:

 

While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use.

 

 

Underlined. 

Is it though? 

Is cash really still King and here to stay?

More and more places are refusing cash, supermarkets often have 'Card only' at the self serve...

In the very likely event the CBDC is rolled out will we be trading our privacy for convenience?

Are CBDC 's anything to worry about or are they a step towards a brighter future?

 

https://www.gov.uk/government/news/hm-treasury-and-bank-of-england-consider-plans-for-a-digital-pound

 

Your thoughts?

 

 

[KP Nuts]

These consultations are a load of old rubbish, their minds are already made up. They must have to do them for some reason or another. Had one from the Doctors Surgery the other week. They were wanting to join this organisation of others surgeries. You just knew that whatever was said was futile, it would go through and it has. So now, if I need to go to see the Doctor I can get sent anywhere to one of these other surgeries. But, I digress, back on topic.

Cash will eventually get abolished so there'll be no sneaky back handers, or cash in hand jobs. Everything will be recorded and traceable. But on the plus side it'll make crimes more difficult for the perps.

They say use it or lose it and I must admit to not using it so much these days. I have a fiver in my wallet that's been there for months, I just always pay by card.