Bank of England launches plan for Central Bank Digital Currency

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 have announce 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, represent 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.