Computer says NO..... Bank of England told to put Britcoin on hold.

News fresh off the press is that the HOUSE OF LORDS has put a kaibosh on the Bank of Englands(BoE) plan to introduce a #britcoin, or digital currency, to the United Kingdom.

The Lords Economic Affairs Committee said that the introduction of a central bank digital currency (CBDC) could pose “significant risks” in the UK.

While some would suggest that all cryptocurrency is a great idea, and a step towards a digital future. I have the complete opposites view on this matter... For me, giving a central bank the full control over the digital currency of a coucan and will only end one way! Badly!!

SOURCE

Giving a privately owned and run organisation the cart blanche to continue to screw over the monetary system, but now with full surveillance of people’s spending choices, just isnt for me. Good luck all you self employed workers doing a "cash in hand" job, or anyone wanting to buy duty/tax free cigarettes. There will be no hiding from the reach of the BoE and the taxman.

Regardless of what youre told, cash and decentralised cryptos arent used solely by drug dealers and fraudsters, quite the opposite actually, its a way for individuals seeking anonymity to trade and pay for goods and services without the prying eyes of the state keeping tabs on you.

The house of Lords committee said that none of the witnesses who came before it were able to make a “convincing case” for why the UK needs a retail central bank digital currency. By witnesses i mean vested intrested parties. The witnesses included Bank of England Governor Andrew Bailey and his deputy Sir John Cunliffe, economic secretary to the Treasury John Glen and senior Treasury official Charles Roxburgh, and other experts. After listening intently, and thoroughly, the lords and peers said that it recognised it is important to investigate the details of a digital currency, and encouraged the Bank of England’s taskforce to continue to look into it, but the UK just wasnt ready for what was on offer.

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