{"id":48467,"date":"2025-03-03T14:38:46","date_gmt":"2025-03-03T14:38:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ex-boe-economist-no-nearer-to-a-digital-pound-being-launched\/"},"modified":"2025-03-03T14:38:46","modified_gmt":"2025-03-03T14:38:46","slug":"ex-boe-economist-no-nearer-to-a-digital-pound-being-launched","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ex-boe-economist-no-nearer-to-a-digital-pound-being-launched\/","title":{"rendered":"Ex-BoE economist: \u201cno nearer to a digital pound being launched\u201d"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div data-site=\"CoinJournal\">\n<div class=\"-mt-16  mb-8  lg:-mt-20  rounded-md  shadow-md\">\n<div class=\"relative  z-10  post-article-image  rounded  overflow-hidden\" data-site=\"CoinJournal\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_Bank-of-England-2-6-1-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_Bank-of-England-2-6-1-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_Bank-of-England-2-6-1-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/07_Bank-of-England-2-6-1-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                            <\/div>\n<\/p><\/div>\n<ul>\n<li aria-level=\"1\">The Bank of England has already spent \u00a324 million on the digital pound project<\/li>\n<li aria-level=\"1\">Neil Record, a former BoE economist said the bank is \u201cno nearer to a digital pound being launched\u201d<\/li>\n<li aria-level=\"1\">Record believes the project is more for the bank than the public<\/li>\n<\/ul>\n<p>A former Bank of England (BoE) economist has said there\u2019s \u201cno customer demand\u201d for a UK digital pound.<\/p>\n<p>In an op-ed in <a href=\"https:\/\/www.telegraph.co.uk\/money\/banking\/britain-digital-pound-waste-time-and-money\/\" target=\"_blank\" rel=\"noopener\">The Telegraph<\/a> on March 3, Neil Record discussed the <a href=\"https:\/\/coinjournal.net\/search\/Bank+of+England\">BoE\u2019s<\/a> central bank digital currency (CBDC) initiative, which was <a href=\"https:\/\/coinjournal.net\/news\/digital-pound-foundation-launched-to-push-for-a-uk-cbdc\/\">proposed four years ago<\/a>. According to Record, getting the digital pound off the ground has been costly for taxpayers with the BoE having already spent \u00a324 million on it.<\/p>\n<p>He added: \u201cWe appear to be no nearer to a digital pound being launched\u2026This is a great deal of money for a project for which there is apparently no customer demand, and no output yet apparent.\u201d<\/p>\n<h2>Protecting the banks<\/h2>\n<p>Over the past several years, how the UK public spends its money has significantly changed. In 2013, for instance, cash payments accounted for 51% of all transactions; however, in 2023, that figure had fallen to 12%.<\/p>\n<p>Record wrote that the COVID pandemic between 2020 and 2022 boosted technological developments, including a rise in contactless payments. He argues that the UK <a href=\"https:\/\/coinjournal.net\/search\/Digital+Pound\">digital pound<\/a> is more for the bank than the public.<\/p>\n<p>\u201cThere are lots of fine words in the <a href=\"https:\/\/coinjournal.net\/news\/uk-releases-consultation-paper-for-its-digital-pound-project\/\">2023 consultation<\/a>, but none of the reasons quoted seems to me to be compelling enough to set up a major financial project,\u201d Record added. \u201cMy instinct is that the Bank feels threatened by the secular fall in cash use, as the interest foregone by holders of notes and coins is the Bank of England\u2019s principal source of income.\u201d<\/p>\n<h2>No incentive to change<\/h2>\n<p>Record continues by saying that if the digital pound did exist, it would function similarly to how modern contactless or online payment systems do now. Why would the public switch when they already have this with banks or newer online payment platforms?<\/p>\n<p>Consequently, a government-backed project that offers no interest \u201cwould struggle to be appealing,\u201d he said.<\/p>\n<p>Apart from this, one major deterrent is that the public will be suspicious of a government project and that the BoE won\u2019t be able to protect their privacy.<\/p>\n<p>\u201cPeople value their privacy, and however much the Bank of England might protest, they would regard this as under threat,\u201d Record said.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/ex-boe-economist-no-nearer-to-a-digital-pound-being-launched\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) The Bank of England has already spent \u00a324 million on the digital pound project Neil Record, a former BoE economist said the bank is \u201cno nearer to a digital pound being launched\u201d Record believes the project is more for the bank [&hellip;]<\/p>\n","protected":false},"author":3947362367,"featured_media":48468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/48467"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362367"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=48467"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/48467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/48468"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=48467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=48467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=48467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}