January 13, 2022
Out of touch lawmakers from the U.K. Parliament delivered a blow to the Bank of England‘s effort to launch a digital currency, saying officials have given no convincing reason it’s needed.
The House of Lords Economic Affairs Committee, which includes former BOE Governor Mervyn King, raised concerns the project might threaten the stability of the banking system and inject the central bank into controversial debates on privacy.
“The introduction of a U.K. central bank digital currency would have far-reaching consequences for households, businesses, and the monetary system,” Lord Michael Forsyth of Drumlean, chair of the committee, said in a statement on Thursday. “The concept seems to present a lot of risk for very little reward.”
The findings are a blow to so-called central bank digital currencies, or CBDC, which would give consumers and businesses a form of money thats as safe as cash but usable in online transactions.
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