The Bank of England (BOE) has been recommended by a powerful commission in the UK Parliament to examine if a state-backed digital pound is indeed required, given the potential hazards to privacy and the banking system. The Treasury Committee recommended that the central bank act cautiously and take steps to reduce the dangers associated with "Bitcoin," such as reducing the maximum quantity of digital pounds that individuals may possess. The panel, which included lawmakers from the major political parties in Parliament, came to the conclusion that it is unclear at this point if the advantages will likely outweigh the hazards.
According to the BOE, as more transactions shift online, a digital form of the pound will probably be required. While researching the possibility of creating a central bank digital currency (CBDC), the UK Treasury and BOE have not yet decided whether to move forward or not. The BOE stated that any new money would not be in circulation before the second half of the 2020s, and that a decision is not anticipated in the UK for at least two to three years.
There are worries that switching to CBDCs would lead to bank takeovers if customers began using digital pounds rather than regular deposits as a safe haven. Lawmakers and conspiracies have also expressed interest in privacy issues. The committee proposed that authorities take a more careful approach to the cap placed on people's holdings of digital pounds and that they think about following up on the CBDC and creating laws that would guarantee robust privacy protections for the digital pound.
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In a groundbreaking move, the central bank of South Korea, the Bank of Korea (BOK), has unveiled plans for a large-scale pilot program for its central bank digital currency (CBDC). The ambitious initiative aims to involve 100,000 Korean citizens, providing them with the opportunity to actively participate in testing the viability and effectiveness of the CBDC in real-world payment scenarios.The primary objective of this extensive pilot program is to gather valuable insights into the practical applications and potential challenges associated with the CBDC. By engaging a diverse group of participants, the Bank of Korea intends to assess how the digital currency performs in various everyday transactions, from small-scale purchases to more complex financial interactions.The announcement reflects the growing global trend among central banks to explore and develop digital currencies as an integral part of their monetary systems. The Bank of Korea's initiative aligns with the broader effort to understand the implications and functionality of CBDCs, with an emphasis on user experience and practical utility.The selection of 100,000 citizens for the pilot program underscores the central bank's commitment to obtaining a comprehensive and representative sample of feedback. This inclusive approach aims to capture diverse perspectives and usage patterns, ensuring a more accurate assessment of the CBDC's potential impact on the daily lives of the South Korean population.Participants in the pilot program will likely be provided with a designated amount of CBDC to use in a controlled environment. The central bank will closely monitor and analyze the data generated during the testing phase, evaluating factors such as transaction speed, security, and overall user satisfaction. Insights gained from the program will inform further development and potential adjustments to enhance the CBDC's performance and acceptance.The Bank of Korea's proactive approach to CBDC testing aligns with the broader global trend, where several central banks are exploring the implementation of digital currencies. China, for instance, has already made significant strides in the development and rollout of its digital yuan, and other nations are closely monitoring these advancements.As the pilot program unfolds, the world will be watching closely to observe the outcomes and lessons learned from South Korea's innovative approach to CBDC adoption. The results may not only influence the trajectory of the country's digital currency strategy but could also contribute valuable insights to the evolving landscape of global central bank digital currencies.In conclusion, the Bank of Korea's announcement of a large-scale CBDC pilot program marks a significant milestone in the exploration of digital currencies. The involvement of 100,000 citizens demonstrates a commitment to understanding the real-world implications of CBDCs, potentially paving the way for a more inclusive and digitally connected financial future in South Korea.#BTC #CBDCNews

The U.S. Federal Reserve has received multiple recommendations about the third largest altcoin, XRP, in a public questionnaire concerning central bank digital currencies (CBDCs).
Read more on: https://thecryptobasic.com/2023/11/30/us-federal-reserve-receives-multiple-recommendations-of-xrp-for-instant-settlements-in-cbdc-questionnaire/
#XRPUpdate #CBDCNews #cryptocurreny #Cryptonews230 #CryptoNews🔒📰🚫