- The United Kingdom’s new Prime Minister pushes for CBDC support in the country.
- Rishi Sunak’s statement was shared by Bitcoin Magazine on Twitter.
- The PM has been vocal about supporting cryptocurrency during his time as Chancellor of the Exchequer.
The newly elected Prime Minister of the United Kingdom, Rishi Sunak, voiced his support for CBDCs in the country in a video shared on Twitter.
In the video, Sunak stated that he was honored to launch a set of public policy principles for retail Central Bank Digital Currencies (CBDC) under the presidency of the United Kingdom, with support from the “group of the world’s most advanced economies,” the G7.
He further explained what CBDCs offer while serving as a digital version of money, like a digital banknote that can be used alongside its physical counterparts. However, unlike the money used by citizens today, CBDCs will be issued by the Central Bank of England in the UK.
He shared that governments and banks across the globe are working coherently to understand what the practical implications of using digital currencies have in store. Including issues such as ensuring users’ money is safe and secure while being energy-efficient.
Introducing new payment methods for businesses and individuals, Sunak says that CBDCs are part of a digital innovation movement that aims to benefit billions across the world, and the UK. However, whether to launch a CBDC is the specific country’s decision, and no G7 jurisdiction has yet made that choice.
In addition, Sunak recalls his announcement in early 2022 concerning a new task force between the Treasury and the Bank of England to research launching a potential CBDC. He anticipates that the report will support CBDC exploration within and beyond the G7.
The report is meant to highlight significant topics, including financial stability, cyber resilience, energy efficiency, privacy, and inclusion while dealing with illicit finance, in order to design a CBDC that is fit for the future.
The Prime Minister has always been vocal about his support for cryptocurrencies, even while serving as the Chancellor of the Exchequer. However, crypto Twitter has not shared a positive response when it comes to CBDC’s introduction in the UK.
Crypto influencer Kevin Svenson tweeted that CBDCs are not a “good thing for Crypto.” “The amount of regulation that would follow the release of CBDCs would blow your mind. It’s gonna end the crypto wild west as we know it,” he added.
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