Responding to the government’s announcement of a new Central Bank Digital Currency Taskforce this morning, Simon Youel, head of policy and advocacy at Positive Money said:
“With the decline of cash and rise of private digital currencies like Facebook’s Diem, the future of money risks being surrendered to unaccountable global finance and tech corporations. It is timely that the UK is launching a taskforce into a central bank digital currency, which would serve as a public form of money to complement physical cash. A central bank digital currency should be an opportunity not only to put forward a new public form of money, but also a wider public payments system, which would reduce our reliance on global tech giants and card companies to make payments.
“It is welcome that the government seeks to engage civil society with this new taskforce, as there is a real risk of the design of a new monetary system being dictated by big industry players with considerable vested interests.”
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