Digital Pounds to be introduced

[tescorank]

So Digital currency seems to be the way forward, so will our savings be reduced by a zero overnight or maybe barred from buying certain items, just seems more control.

https://news.sky.com/story/britcoin-digital-pound-...
Britcoin digital pound decision to be made by 2025

[Police State]

tescorank said:

So Digital currency seems to be the way forward, so will our savings be reduced by a zero overnight or maybe barred from buying certain items, just seems more control.

https://news.sky.com/story/britcoin-digital-pound-...
Britcoin digital pound decision to be made by 2025

Just wait till they link your digital pounds to your digital carbon allowance.

[rodericb]

...and your digital pounds to your physical pounds. You'll be barred from buying certain foods and/or drinks

[chemistry]

Inevitable…and undoubtedly a bad thing (giving government increasing control).

[Kawasicki]

Nudgetastic

[g3org3y]

So who does this benefit and why?

[Fusion777]

I’m fine with analogue currency, cheers.

[jameswills]

I thought this was a conspiracy theory?

So apparently the government want to protect us from big tech by being big tech themselves? No you’re ok thanks, I’m fed up of government trying to protect me and all they seem to do is restrict what I can do. I have faith it will be a total disaster going on past digital projects from the government but in the meantime I would start hoovering up as much assets as you can, as they will soon be unobtanium if it ever does get the green light.

[Rufus Stone]

Something else for the conspiracy loons to froth about I guess.

[Catastrophic Poo]

jameswills said:

I thought this was a conspiracy theory?

Not really.

It was CTs who got all in a froth about it on the earlier thread.

Probably messes with all their cash in hand work.

[SteveStrange]

Why is it a bad thing? Or a good thing? Can anyone explain why they are one side of the fence or the other?

[Electro1980]

Blockchain is a really interesting technology with loads of uses. I don’t however see the benefits of it for a national currency, or for crypto currency at all. Yes, it could remove some types of fraud, but all that will happen is the fraudsters will find something else.

[menousername]

SteveStrange said:

Why is it a bad thing? Or a good thing? Can anyone explain why they are one side of the fence or the other?

Cyprus 2008 bail-in.

Chinese social credit, monitoring & restrictions.

Canada prosecuting (did they freeze their bank accounts?) people for donating to the trucker’s protest

[jameswills]

SteveStrange said:

Why is it a bad thing? Or a good thing? Can anyone explain why they are one side of the fence or the other?

It’s not a digital version of the pound, it’s a totally new currency system which is controlled by the government, or at least the central banking arm of the government. There’s no problem with that per se in isolation, but if “cash” is then removed, the government has your money, in fact it’s not your money at all, think of it as “credits” the government allows you to spend. Get a not so nice government in next time, and your spending could then be linked to carbon credits, taxes raised and lowered on a whim, complete control of your spending habits. With “cash” at the moment, they have no control at all where you take your money, it’s yours, they simply take a scrape off it in taxation you can do what you like with after.

Do not confuse it with a digital representation of your money, it is not that at all.

As above, it will solve nothing generally, in fact I imagine fraud will go in at a much larger scale and possibly closer to the government and hidden. This is why I say, it will be the asset holders that will rule in this system, people with property and land.

I would like to hear the benefits that I could theoretically see, and I don’t want to hear “convenience”. My concern is not over the method of payment, if you want to wave a mobile phone about to pay for things, you can do that now if you wish anyway, it’s the deeper concern over what I can spend my money on and how that would be impacted.

[Leptons]

jameswills said:

I thought this was a conspiracy theory?

So apparently the government want to protect us from big tech by being big tech themselves? No you’re ok thanks, I’m fed up of government trying to protect me and all they seem to do is restrict what I can do. I have faith it will be a total disaster going on past digital projects from the government but in the meantime I would start hoovering up as much assets as you can, as they will soon be unobtanium if it ever does get the green light.

Has six months elapsed from conspiracy theory to reality? That’s usually how long it takes

[Driller]

You just know that this isn’t for our convenience although they will say that it is.

[grumbledoak]

SteveStrange said:

Why is it a bad thing? Or a good thing? Can anyone explain why they are one side of the fence or the other?

Tracking every purchase?

Giving you a "carbon" allowance to save the planet?

Restricting how much meat you can buy?

Stopping you buying "unhealthy" food if you are overweight?

Preventing you buying petrol if you are over your travel quota?

"Expiring" your savings after six months?


All these things become possible. Who would want such a thing? Not those on the receiving end of them, for sure. But that's not everyone.

[jameswills]

grumbledoak said:

Tracking every purchase?

Giving you a "carbon" allowance to save the planet?

Restricting how much meat you can buy?

Stopping you buying "unhealthy" food if you are overweight?

Preventing you buying petrol if you are over your travel quota?

"Expiring" your savings after six months?


All these things become possible. Who would want such a thing? Not those on the receiving end of them, for sure. But that's not everyone.

Not to mention it wouldn't work at all without the good old digital ID. I don't understand why you'd want to hand over this much control to a government, we've not learned from history that even elected governments can turn on their citizens. Has lockdown been forgotten? Think how easy that would have been with a CBDC?

I imagine they'll introduce it with massive incentives, once that ball is rolling.... That will be it.

[durbster]

Electro1980 said:

Blockchain is a really interesting technology with loads of uses. I don’t however see the benefits of it for a national currency, or for crypto currency at all. Yes, it could remove some types of fraud, but all that will happen is the fraudsters will find something else.

If that were true, why is the crypto world absolutely saturated in fraud and scams?

The "Web3 is going great" blog documents the reality of this stuff: https://web3isgoinggreat.com/

grumbledoak said:

SteveStrange said:

Why is it a bad thing? Or a good thing? Can anyone explain why they are one side of the fence or the other?

Tracking every purchase?

Giving you a "carbon" allowance to save the planet?

Restricting how much meat you can buy?

Stopping you buying "unhealthy" food if you are overweight?

Preventing you buying petrol if you are over your travel quota?

"Expiring" your savings after six months?


All these things become possible. Who would want such a thing? Not those on the receiving end of them, for sure. But that's not everyone.

How does digital currency make these things possible? What's stopping these things being done now?

[DanL]

I don’t see a need for it for consumers and retail banking. It might be useful for interbank clearing and so on.

For anyone with a bank account - your money is already digital.