Digital Pound should be interoperable with crypto for a suitable future

0
60
Digital Pound should be interoperable with crypto for a suitable future
Digital Pound should be interoperable with crypto for a suitable future

If a digital pound is designed in an innovation-friendly manner, crypto industry stakeholders are concerned about how users’ privacy will be preserved

The government’s plans for a digital pound in the UK are being welcomed by Lobby groups and crypto companies, but some of them believe the currency should be interoperable with crypto in order to be suitable for the future.

Just as the European Union (EU) pushed ahead with plans for a digital euro, the UK, in February, opened its plans for a digital pound for public comment. A “platform model” has been proposed by the UK government, where the Bank of England (BoE) would provide infrastructure for a central bank digital currency and allow private companies to integrate and provide wallets to connect to other services.

“A digital pound could bring a number of opportunities, including potentially enhancing and improving our existing payment systems, providing an alternative to other forms of payment, and potentially spurring further innovation across the sector,” Lisa Cameron, chair of the crypto and digital assets All Party Parliamentary Group, said in a statement.

Responses to the government’s plans are now coming in, with the deadline for the consultation set to close on June 30. If a digital pound is designed in an innovation-friendly manner, crypto industry stakeholders are concerned about how users’ privacy will be preserved. Others worry the BoE’s planned holding limits for a digital pound are insufficient.

Also readRetrospection on transforming cybersecurity

Do FollowCIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter

About us:

CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics