The potential benefits of the digital pound were not appreciated in the UK
The British officials believe that CBDC carries more risks than prospects
13.01.2022 - 15:30
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What’s new? The UK House of Lords Economic Affairs Committee has submitted a report containing the department's views on a CBDC. The officials believe a digital pound has a number of benefits, but it also carries risks for the financial stability of the country's economy.
What does the document say? The department's statement notes that the potential benefits of the CBDC are currently exaggerated. The British officials fear that the digital pound, for example, may cause an outflow of the funds from the accounts to the electronic wallets. This will lead to higher borrowing costs, in the long run, the Committee's experts say.
In addition, the CBDC can be attacked by hackers, and then the security system of the entire country’s economy will be undermined, the British politicians worry.
What are the CBDC's prospects? The Committee’s experts have not ruled out that they may consider the possibility of introducing a wholesale version of the digital pound in the future. They also added that the position on CBDC may be changed in the future, depending on the development of the virtual currency.
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