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British lawmakers believe that digital sterling should not be issued in large amounts initially and that it needs to be ensured that it does not increase risk.

2024-04-13 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > IT Information >

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Shulou(Shulou.com)12/24 Report--

Thanks to CTOnews.com netizen soft media user 1520111 for the clue delivery! CTOnews.com December 3, according to Reuters, British lawmakers said in a report on Saturday local time that in order to avoid the risk of bank runs, large digital pounds should not be issued initially, and the report also stressed the need to protect cash and user privacy.

Lawmakers from the Treasury select committee said in the report that while digital sterling has potential benefits in promoting innovation, the Bank of England and the Treasury should remain open to whether it is really needed given the costs involved.

Harriett Baldwin, chairman of Pixabay, said: "Before deciding to introduce digital sterling into our financial system, it must be clearly demonstrated that it can bring benefits to the UK economy without increasing risks or causing uncontrollable costs." "

The Treasury Select Committee report, titled Digital Pounds: Still Looking for a Solution to the Problem?, A smaller limit should be set in the early stages of digital sterling issuance to reduce the risk of bank runs and rising loan costs when deposits are transferred to digital wallets in times of market turmoil, it said.

The Bank of England recommends that banks offer digital wallets up to £ 20000 (CTOnews.com note: currently around RMB181, 000), much higher than the 3000 euros (currently around RMB23310) discussed by the European Central Bank for digital euros.

The Bank of England and the Treasury say digital sterling is likely to emerge in the second half of this decade as 130 countries around the world consider digital currency measures to keep pace with advances in payment technology (CTOnews.com note: usually refers to 2026-2030).

CTOnews.com previously reported that the Governor of the Bank of England (BoE) and Chancellor of the Exchequer had said in excerpts from a consultation paper earlier this year: "Based on our work to date, the Bank of England and the Treasury judge that digital pounds may be needed in the future. "

"It's too early to commit to infrastructure for it, but we believe further preparations are justified. "

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