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LONDON, England, July 28, 2021 (LifeSiteNews) – The U.K government has partnered with the Bank of England to draw up plans for a digital currency for use “alongside” cash, in a move which some have warned will usher in a “dramatic increase in state control of our lives.”
Back in April, Her Majesty’s Treasury and the Bank of England announced their decision to investigate the benefits of a central bank digital currency, Associated Press News reported.
This idea is promoted by the Chancellor of the Exchequer Rishi Sunak, who called the digital currency “Britcoin.” A taskforce has been established to assess the idea and provide advice to the government on the topic. It is jointly led by the Bank of England’s deputy governor for financial stability, Jon Cunliffe, as well as the Treasury’s director general of financial services, Katharine Braddick.
“Our vision is for a more open, greener, and more technologically advanced financial services sector,” Sunak claimed. “And if we can capture the extraordinary potential of technology, we’ll cement the U.K.’s position as the world’s preeminent financial center.”
The new plan would consist of the Bank of England instituting a direct
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