{"id":2029841,"date":"2023-09-12T20:06:02","date_gmt":"2023-09-13T00:06:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boe-official-says-public-need-reassurance-on-digital-pound-and-privacy\/"},"modified":"2023-09-12T20:07:42","modified_gmt":"2023-09-13T00:07:42","slug":"boe-official-says-public-need-reassurance-on-digital-pound-and-privacy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boe-official-says-public-need-reassurance-on-digital-pound-and-privacy\/","title":{"rendered":"BoE official emphasizes public&#8217;s need for digital pound reassurance and privacy."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fboe-official-says-public-need-reassurance-on-digital-pound-and-privacy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2029841&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>By Huw Jones \u200band Muvija M<\/strong><\/p>\n<p><strong>LONDON (Reuters) \u2013 A \u201cnational conversation\u201d is \u200dneeded to\u2063 assuage public fears that \u2064a digital version of \u200dthe pound would \u2063allow the government\u2064 to \u2064spy on them, Bank of England deputy governor designate Sarah Breeden said on Tuesday.<\/strong><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>The BoE\u2063 and Britain\u2019s finance ministry have \u200cbeen consulting on whether and how \u200cto introduce a digital pound, probably in the second half of this decade. <\/p>\n<p>But \u2063critics of the concept say a digital currency could \u2064be used by\u2063 governments\u2064 to track what people spend their money on, and\u200c make it \u200charder to make payments and \u2062purchases\u200c using cash. <\/p>\n<p>European \u200cUnion policymakers\u2064 have already sought to reassure the public that a digital euro is not a \u201cBig Brother\u201d surveillance project.<\/p>\n<p><strong>\u201cI think \u200con the\u2064 back\u2064 of that we \u200cneed to start a national conversation, \u2063actually, because while I\u2019m supportive of that technology, as was apparent in the responses we got to the discussion paper there\u2019s a lot of\u2063 concern about privacy,\u201d \u2062Breeden told a \u2064hearing in\u2064 parliament\u2019s Treasury Select Committee on \u2062her appointment.<\/strong><\/p>\n<p>A digital pound would be the anchor for all money in the digital world to ensure\u2062 trust\u2062 in money, she said.<\/p>\n<p><strong>\u201cSo analytically, it\u2019s the \u200dright thing\u2064 \u2013 I can see a case for it. How \u200dyou manage\u2063 the privacy \u2062challenges, the role of the\u200d state\u2062 \u2013\u2064 I think we are at the\u200d start \u2064of the debate on that,\u201d Breeden\u2063 said.<\/strong><\/p>\n<p><strong>\u201cThe privacy concerns about programmability, I recognise those\u2063 as \u200creal\u2063 concerns, and what we need to do \u2026 is reassure the public on how privacy\u200c is going to be \u2062delivered,\u2064 terms and conditions set in legislation, we must not assume trust in practice,\u201d\u2063 she \u2064told lawmakers.<\/strong><\/p>\n<p>There\u200b should be equal\u2064 focus on privacy \u200cin private-sector digital currencies as \u2064well, said Breeden, who is currently an executive director at the BoE.\u2062 <\/p>\n<p>Eleven countries have already \u200claunched digital versions of their currencies and, like the European Central Bank, the U.S. Federal Reserve is considering doing so.  <\/p>\n<p>Breeden said the impact \u2063on financial stability is also a concern for her and responses to the public consultation will be published towards the end of the year.<\/p>\n<p>Breeden rejected\u2064 suggestions\u200b by \u200ccritics\u200d of a digital currency\u2062 that it would force out the availability \u2062of cash. <\/p>\n<\/p>\n<p>  (Reporting by\u2064 Huw Jones \u2063and Muvija M, editing\u200b by Sachin Ravikumar and Catherine Evans)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/tech\/debate-needed-on-impact\/attachment\/pound-coins-are-seen-in-the-photo-illustration-taken-in\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/tech\/debate-needed-on-impact\/attachment\/bank-of-england-in-london\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>45th President Donald Trump\u2019s legal team has filed\u200b a motion to recuse a D.C. judge presiding over the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boe-official-says-public-need-reassurance-on-digital-pound-and-privacy\/\" title=\"BoE official emphasizes public's need for digital pound reassurance and privacy.\">2020 alleged election interference \u2062case<\/a>. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>House Speaker\u200c Kevin McCarthy has directed an impeachment\u2063 into President Joe Biden and will look into if Biden benefited from his son Hunter\u2019s business dealings. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>South Carolina Congressman Ralph Norman says he\u2019s expecting\u2063 a shutdown\u200b once the government runs\u200d out of \u200cmoney at\u200d the end of the fiscal\u2064 year, later this month. <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Following his nine year career hosting NBC Meet The Press, Chuck\u2062 Todd is throwing\u200d in the towel.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Huw Jones\u200b and Muvija M LONDON (Reuters) \u2013 A\u2063 \u201cnational conversation\u201d is needed to assuage public fears that a digital version\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) \u2013 Two Democratic and two Republican U.S.\u200d senators on Tuesday introduced legislation\u2062 to \u200cban the use of artificial \u2062intelligence that creates\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Stephen Nellis CUPERTINO, \u2064California (Reuters) \u2063-Apple \u2063launched a\u2063 new series of\u200d iPhones\u200c that included \u200ba\u200d new titanium shell, a faster chip\u2026 \u200c <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By \u2062Echo Wang \u2062NEW YORK (Reuters) -Arm, the\u200d <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/softbanks-arm-aims-to-raise-at-least-8-billion-in-u-s-ipo-sources-say\/\" title=\"SoftBank\u2019s Arm aims to raise at least  billion in U.S. IPO, sources say\">chip designer owned<\/a> by SoftBank Group Corp, received \u2062enough backing from investors to secure\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>the potential introduction of a digital pound. Breeden emphasized the importance of addressing concerns about privacy and surveillance through open dialogue with the public. The Bank of England and the finance ministry are currently engaged in discussions regarding this matter.<\/p>\n","protected":false},"author":66,"featured_media":2029842,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2029841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2029841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2029841"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2029841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2029842"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2029841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2029841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2029841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}