British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated

British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated


According to British lawmakers, a central bank digital currency (CBDC) is likely to raise the cost of borrowing while hurting financial stability. They insist the touted potential advantages of a digital pound are being overstated.

Erosion of Privacy

British lawmakers have said the use of a central bank digital currency when making regular payments could potentially hurt financial stability and raise the cost of borrowing, a report has said. In addition, they insist the increasing use of the CBDC could also enable the central bank to monitor spending and therefore erode privacy.

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As per a Reuters report, the lawmakers believe the benefits of CBDC may have been exaggerated and that there are other ways the U.K. can counter the threat posed by cryptocurrencies. One of

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