• The Bank of England’s plans for a CBDC launch raise concern among the U.K. Tax Reform Council and the broader Bitcoin community.
• The Tax Reform Council believes implementing a CBDC would lead to increased government surveillance, greater intrusion from tax authorities and a heightened risk of cyberattacks on the nation’s monetary system.
• The U.K.’s Bitcoin community has been vocal in its criticism of CBDCs, warning that such a move could seriously harm individual privacy and lead to intrusive changes to the taxation system.
UK Think Tank Launches Crusade Against ‚Surveillance‘ CBDCs
The Bank of England’s plans for a central bank digital currency (CBDC) launch have raised concern among U.K. Tax Reform Council and the broader Bitcoin community. The recently formed Tax Reform Council, with monetary economist John Chown on its advisory board, believes implementing a CBDC would lead to increased government surveillance, greater intrusion from tax authorities, and an increased risk of cyberattacks on the nation’s monetary system.
U.K.’s Bitcoin Community Critical of CBDC Plans
The U.K.’s Bitcoin BTC $22,138 Bitcoin +1.74% MARKET CAP$427.07bVOL 24H$1.12b BTC $50.88k community have also been vocal in their criticism of CBDCs, arguing that such a move could seriously harm individual privacy and lead to intrusive changes to the taxation system. Jordan Walker, co-founder of the U.K.’s Bitcoin Collective explained that „the rollout of CBDCs in the U.K is dangerous on many fronts,“ adding that it would „hand over more control of our money to the government“ which has caused significant problems in both past and present scenarios instead we should be aiming to separate money and politics.“
Tax Reform Council Advisory Board
In response to these concerns around privacy breaches as well as threats posed by cybercrime activity arising from any potential implementation of a CBDC ,The Tax Reform Council has organized an advisory board composed by leading economists including Patrick Minford , Julian Jessop , Chowdhury Zafarullah Khan , David Smith , Matthew Elliott , Jack Dromey MP . All members agree that greater transparency surrounding this issue is necessary for citizens’ safety .
Increased Surveillance & Cybersecurity Threats
The introduction of technology such as biometrics , facial recognition or payment tracking systems pose an additional threat when it comes cybersecurity . This can result in identity theft or fraud as well as loss data protection . Therefore measures need to be taken when looking into digital currencies like cryptocurrencies or Central Bank Digital Currency (CBDC) which may potentially increase state surveillance on citizens through monitoring their transactions or financial activities .
Conclusion
In conclusion , while digital currencies offer many benefits there are also risks associated with them if not implemented correctly . It is important for governments worldwide be aware about potential threats posed by these new technologies before introducing them within their economies .