The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them.
But the ultimate goal is to replace them; which will be done incrementally.
BRITcoin - The Government's Latest Plan to Control You and Your money
Now the government has announced another move to control your money, in what they are calling 'Bold ideas to prompt the UK’s recovery' is ‘Britcoin’, a Bank of England- and Government-sponsored digital currency that completely ignores the reasons for the success of its Bitcoin near-namesake. The success of some Cryptocurrency is that it was built off a healthy distrust of centralised banks and the surveillance state, – Britcoin is the very antithesis of that.
Britcoin, on the other hand, represents something much more sinister: a centralised digital currency that would facilitate an all-encompassing ledger of every financial transaction in the UK.
With Britcoin the government would effectively become your bank.
Read more of Darren Birks' article on Vision News.
Gibraltar could become a driver of DIGITAL CURRENCIES
SPECIAL REPORT by PETER TABERNER
Cryptocurrencies are effectively virtual or digital currencies that are secured by cryptography, many are decentralised networks that are based on blockchain technology.
Bitcoin is the most renowned crypto currency, but there are others on the market such as Ethereum, Ripple, Bitcoin Cash and LiteCoin.
Essentially block chain is a decentralised distributed ledger of transaction, that can be distributed and duplicated across a network of computer systems on the blockchain.
It has advantages in that it is a secure system, making it difficult to change, hack into or even cheat the system.
For every block on the chain there are a number of registered transactions, and every time there is a new transaction on the blockchain, a record is then added to every participant’s ledger.