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What exactly is a digital pound?
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Dennis .
Posted: 07 February 2023 14:36:46(UTC)
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Anyone like to enlighten me on what exactly we are talking about here? I just watched part of an announcement in the House of Commons and it was clear from from the questions from some of the MPs that they didn't understand it either and just thought that it was something to do with cashless payments.
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guantou
Posted: 07 February 2023 14:43:34(UTC)
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Dennis .;256663 wrote:
Anyone like to enlighten me on what exactly we are talking about here? I just watched part of an announcement in the House of Commons and it was clear from from the questions from some of the MPs that they didn't understand it either and just thought that it was something to do with cashless payments.


I believe the Bank of England are planning to introduce a crypto-currency (Britcoin)
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Guest on 08/02/2023(UTC)
low income investor
Posted: 07 February 2023 14:46:29(UTC)
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What exactly is a digital pound ?

A way for government to gain more control over the people on how they behave and spend their money.
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Newbie
Posted: 07 February 2023 14:55:08(UTC)
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low income investor;256668 wrote:
What exactly is a digital pound ?

A way for government to gain more control over the people on how they behave and spend their money.

and..
a limitless version of crypto (ie they can issue as much as they want unlike bitcoin).
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low income investor on 07/02/2023(UTC), Tyrion Lannister on 09/02/2023(UTC), COYS54 on 09/02/2023(UTC), Nigel Harris on 10/02/2023(UTC)
Keith Cobby
Posted: 07 February 2023 14:55:47(UTC)
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Apart from any political issues, if all cash was withdrawn today and we had to use debit/credit cards, PayPal etc, why would we need any other digital money. I assume the only reason would be for it to have the anonymity of cash (ie no transaction trail). It wouldn't need to be tradeable just transactional, stored on a card or digital wallet.
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Tyrion Lannister on 09/02/2023(UTC)
Joe Soap
Posted: 07 February 2023 15:33:15(UTC)
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Quote:
What exactly is a digital pound?


It's 1100100 pence.
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OmegaMale on 07/02/2023(UTC), ANDREW FOSTER on 07/02/2023(UTC), Jimmy Page on 07/02/2023(UTC), You have to change your life on 07/02/2023(UTC), Jesse M on 07/02/2023(UTC), Harland Kearney on 07/02/2023(UTC), NoMoreKickingCans on 07/02/2023(UTC), Guest on 08/02/2023(UTC), COYS54 on 09/02/2023(UTC), Davy on 15/02/2023(UTC), J-san on 08/03/2023(UTC), John Bran on 11/03/2023(UTC)
Sara G
Posted: 07 February 2023 17:17:11(UTC)
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low income investor is spot on...

It's the ultimate nudge system. As I understand it, with a digital £ the government can not only track exactly what is being spent, but also control the money in our bank accounts in whatever way it deems appropriate, for example, by applying negative interest to any money not spent, or deterring / forcing certain kinds of expenditure, since there is no way to withdraw it as cash. Digital cash could also have a limited life, since it wouldn't be possible to turn up to the Bank of England demanding payment of the amount promised (although I suppose that hasn't been realistically possible for some time). That's not to say that governments would definitely act in such a way, but they would have the power to do so.

I'm not aware of any particular benefits to the citizenry, since we can already spend and save electronically if we want to. I suppose the major positive would be the inability to commit fraud by avoiding charging or paying VAT, but I'd hope there might be better ways to achieve the same goal.

NB government digital currencies are not the same as cryptocurrencies. Those in favour of the former are probably unlikely to support the latter and vice versa (although I have not done any research on this).
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Jimmy Page on 07/02/2023(UTC), You have to change your life on 07/02/2023(UTC), low income investor on 07/02/2023(UTC), Guest on 07/02/2023(UTC), JohnW on 07/02/2023(UTC), Dexi on 08/02/2023(UTC), Topdogpippin on 08/02/2023(UTC), lamlash A on 08/02/2023(UTC), Auric on 08/02/2023(UTC), Tplease Parrish on 08/02/2023(UTC), Tyrion Lannister on 09/02/2023(UTC), Jonathan Friend on 10/02/2023(UTC), Nigel Harris on 10/02/2023(UTC)
ANDREW FOSTER
Posted: 07 February 2023 17:23:24(UTC)
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The issue I see is that the digipund can be traced back to all previous owners.

Surely a victim of crime may lay claim to a coin even after it's passed through many hands...

One could spontaneously see ones money unwound somehow.

It's a no from me. I just don't see any benefit.
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You have to change your life on 07/02/2023(UTC), Tplease Parrish on 08/02/2023(UTC), Nigel Harris on 10/02/2023(UTC)
You have to change your life
Posted: 07 February 2023 17:27:45(UTC)
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New Bitcoin overseen by Andrew Bailey; what could possibly go wrong?
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Sara G on 07/02/2023(UTC), Dennis . on 07/02/2023(UTC), Guest on 07/02/2023(UTC), lamlash A on 08/02/2023(UTC), Martina on 08/02/2023(UTC), Tplease Parrish on 08/02/2023(UTC), Nigel Harris on 10/02/2023(UTC)
Tug Boat
Posted: 07 February 2023 17:41:15(UTC)
#12

Joined: 16/12/2014(UTC)
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There’s going to be 10 ounces instead of 16, I’ve been told.
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