BoE official emphasizes public’s need for digital pound reassurance and privacy.

By Huw Jones ​and Muvija M

LONDON (Reuters) – A “national conversation” is ‍needed to⁣ assuage public fears that ⁤a digital version of ‍the pound would ⁣allow the government⁤ to ⁤spy on them, Bank of England deputy governor designate Sarah Breeden said on Tuesday.

The BoE⁣ and Britain’s finance ministry have ‌been consulting on whether and how ‌to introduce a digital pound, probably in the second half of this decade.

But ⁣critics of the concept say a digital currency could ⁤be used by⁣ governments⁤ to track what people spend their money on, and‌ make it ‌harder to make payments and ⁢purchases‌ using cash.

European ‌Union policymakers⁤ have already sought to reassure the public that a digital euro is not a “Big Brother” surveillance project.

“I think ‌on the⁤ back⁤ of that we ‌need to start a national conversation, ⁣actually, because while I’m supportive of that technology, as was apparent in the responses we got to the discussion paper there’s a lot of⁣ concern about privacy,” ⁢Breeden told a ⁤hearing in⁤ parliament’s Treasury Select Committee on ⁢her appointment.

A digital pound would be the anchor for all money in the digital world to ensure⁢ trust⁢ in money, she said.

“So analytically, it’s the ‍right thing⁤ – I can see a case for it. How ‍you manage⁣ the privacy ⁢challenges, the role of the‍ state⁢ –⁤ I think we are at the‍ start ⁤of the debate on that,” Breeden⁣ said.

“The privacy concerns about programmability, I recognise those⁣ as ‌real⁣ concerns, and what we need to do … is reassure the public on how privacy‌ is going to be ⁢delivered,⁤ terms and conditions set in legislation, we must not assume trust in practice,”⁣ she ⁤told lawmakers.

There​ should be equal⁤ focus on privacy ‌in private-sector digital currencies as ⁤well, said Breeden, who is currently an executive director at the BoE.⁢

Eleven countries have already ‌launched digital versions of their currencies and, like the European Central Bank, the U.S. Federal Reserve is considering doing so.

Breeden said the impact ⁣on financial stability is also a concern for her and responses to the public consultation will be published towards the end of the year.

Breeden rejected⁤ suggestions​ by ‌critics‍ of a digital currency⁢ that it would force out the availability ⁢of cash.

(Reporting by⁤ Huw Jones ⁣and Muvija M, editing​ by Sachin Ravikumar and Catherine Evans)

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