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Digital Pound Likely This Decade, Treasury Says


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2 minutes ago, The_DADDY said:

Thank you for that Padders. That's really nice of you. To be honest a lot of it is down to luck, some threads don't take off but a good proportion do so I'm happy. I try to find subjects that are pretty divisive if I'm honest, division sparks conversation in my opinion. It's useful being unpopular in some quarters cos Ma Haters Gonna Hate But Still Gonna Post On Ma Thread 😁

That gets the page count up a bit haha.

And when I'm stuck for anything to post I start an "incestuous relationship, van with all his stupid lights on or kids sleeping in the garden" thread just to see what happens 🤣

By the way, don't knock your threads matey. You regularly have me in stitches. 

Keep it up Padders. I cant wait for the next one.

 

We're all Sheffield Forum aren't we 😁

Always create a lot of humour as well Daddy. :thumbsup:

 

3 minutes ago, hackey lad said:

Padders struggles keeping it up ,  from what Ive heard .

No need for that Hackey,

I've got a reputation to maintain.

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18 hours ago, The_DADDY said:

A state-backed digital pound is likely to be launched later this decade, according to the Treasury and the Bank of England.

Both institutions want to ensure the public has access to safe money that is easy to use in the digital age.

Chancellor Jeremy Hunt said the central-bank digital currency (CBDC) could be a new "trusted and accessible" way to pay.

But it will not be built until at least 2025.

"We want to investigate what is possible first, whilst always making sure we protect financial stability," Mr Hunt said.

The Treasury and the Bank of England will formally start a consultation for the digital currency, on Tuesday.

Cryptocurrencies are not backed by a central bank and the value can shoot up and down rapidly.... 

 

 

https://www.bbc.co.uk/news/technology-64536593.amp

 

Is this a good thing or would you prefer good old fashioned cash?

 

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/

Edited by Waldo
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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!!!!

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