‘BritCoin’ – UK Considers New Central Bank Digital Currency, What Happens To Cash?

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Zero Hedge: About a year ago the Bank of England released a paper on the Opportunities, Challenges, and Design of Central Bank Digital Currencies.

“They shall cast their silver in the streets, and their gold shall be removed: their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD.’ Ezekiel 7:19 KJV

Today, the Financial Times reports UK Considers Creating Central Bank Digital Currency.

The Financial Times commented the “Aim would be to future proof sterling against cryptocurrencies and improve the payments system

The idea that one can future proof fiat currencies against anything is of course ludicrous.

Britcoin?!

Reuters asks ‘Britcoin’ Not Bitcoin?

British finance minister Rishi Sunak told the Bank of England on Monday to look at the case for a new “Britcoin”, or central bank-backed digital currency, aimed at tackling some of the challenges posed by cryptocurrencies such as bitcoin.

A BoE-backed digital version of sterling would potentially allow businesses and consumers to hold accounts directly with the bank and to sidestep others when making payments, upending the lenders’ role in the financial system.

“We’re launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC),” Sunak told a financial industry conference.

What About Physical Cash?

The BoE said a digital version of sterling would not replace either physical cash or existing bank accounts.

Yeah, right.

Q: Once central banks can track every penny, guess what?

A: They will track every penny

Governments will know where every penny is coming from and going to and tax everything.

They will sell this scheme as a necessity to combat drugs, tax evasion, and a necessity for fairness. Read More

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