UK Residents Flag Privacy Concerns in Digital Pound Consultations: Bank of England
The Bank of England (BOE) says the majority of 50,000 feedbacks it received from the public consultation on the digital pound revolve around privacy and fiat scarcity concerns.
Jon Cunliffe, the bank’s Deputy Governor disclosed in a speech, Money and payments: a ‘black ships’ moment? on Oct 26 highlighting key roles of central banks in cross-border payments, stablecoin regulations, and Central Bank Digital Currencies (CBDC).
The official stated that no formal decision has been made about the digital pound but the public consultation from February to June was needed to know the hopes and possible fears of users for a release.
Cunliffe noted that a digital pound will not expose people to unwanted privacy issues in response to widespread fears.
According to him, the consultation paper released earlier addressed these issues in the proposed model by stating that neither the central bank nor the government will have access to the data.
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