{"id":196574,"date":"2023-12-04T09:40:20","date_gmt":"2023-12-04T09:40:20","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=196574"},"modified":"2023-12-04T09:40:20","modified_gmt":"2023-12-04T09:40:20","slug":"uk-house-of-commons-recommends-further-cbdc-tests-on-viability-risks","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/uk-house-of-commons-recommends-further-cbdc-tests-on-viability-risks\/","title":{"rendered":"UK House of Commons recommends further CBDC tests on viability, risks"},"content":{"rendered":"<p>The United Kingdom Parliamentary Committee, House of Commons, has asked the Bank of England and Treasury to carry out further consultative work to determine the benefits of launching a digital pound.<\/p>\n<p>The groundwork and tests related to the launch of a central bank digital currency (CBDC) incurred significant costs for the Bank of England and Treasury, according to a House of Commons Treasury Committee report. It recommended greater transparency around the costs incurred around CBDC initiatives by having a separate line item in its annual report and accounts from 2024 onwards:<\/p>\n<p>The ongoing tests of an English CBDC highlighted numerous benefits concerning issuance, distribution and privacy, among others. However, the committee fears that an official launch will demand a significant investment, adding that \u201cIt is not clear to us at this stage whether the benefits are likely to outweigh these risks.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK House of Lords passes bill to seize stolen crypto<\/em><\/strong><\/p>\n<p>The committee asked England\u2019s central bank to avoid speculating that \u201ca digital pound can fix problems it can\u2019t\u201d and to ensure that a digital pound does not worsen the financial exclusion precedent set by the fiat economy.<\/p>\n<p>While the Bank of England and HM Treasury see the need for a digital pound in the future, committing to build the infrastructure for one requires further preparatory work. Factors involving the reduced use of paper money, the emergence of new forms of privately issued digital money, and international developments in CBDC will potentially influence the decision to proceed with the launch of the digital pound following the design phase.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Real AI use cases in crypto: Crypto-based AI markets, and AI financial analysis<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/uk-house-of-commons-cbdc-tests-viability-risks\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United Kingdom Parliamentary Committee, House of Commons, has asked the Bank of England and&#8230;<\/p>\n","protected":false},"author":4,"featured_media":196573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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