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Rishi Sunak, the new prime minister of the UK, supports CBDCs

CJ - Cryptocurrency Specialist 

  • The country's support for the CBDC is being pushed by the UK's new prime minister

  • Bitcoin Magazine tweeted a link to Rishi Sunak's comments

  • During his tenure as Chancellor of the Exchequer, the Prime Minister was outspoken about his support for cryptocurrencies

In a video posted on Twitter, Rishi Sunak, the country's newly elected prime minister, expressed his support for CBDCs.

Sunak said in the video that he was proud to introduce a set of guiding principles for retail Central Bank Digital Currencies (CBDC) during the UK Presidency, with assistance from the G7, the "group of the world's most sophisticated nations."

He went on to discuss the advantages CBDCs have over traditional forms of payment, such as a digital banknote that can be used in conjunction with real-world bills. CBDCs will be issued by the UK's Central Bank, as opposed to the currency that people use today.

He mentioned that banks and governments from across the world are collaborating to determine what the real-world effects of adopting crypto assets would include concerns like preserving the financial security and energy efficiency of customers.

Sunak claims that CBDCs are a part of a digital innovation movement that wants to help billions of people worldwide, including the UK, by introducing new payment ways for companies and individuals. However, the option to establish a CBDC rests with the individual nation, and as of yet, no G7 jurisdiction has done so.

Sunak also remembers forming a new task force between the Treasury and the Bank of England to investigate the possibility of introducing a CBDC public in early 2023. He believes the study will encourage CBDC development both inside and outside of the G7.

In order to create a CBDC that is ready for the future, the study aims to emphasize important issues including financial stability, cyber resilience, energy efficiency, privacy, and inclusiveness while dealing with illicit funding.

Even as Chancellor of the Exchequer, the Prime Minister has always been outspoken about his support for cryptocurrencies. Though, crypto Twitter has not shown support for the adoption of CBDC in the UK.

Bitcoin advocate Kevin Svenson stated on Twitter that “CBDCs are not good for cryptocurrency. You wouldn't believe how much regulation there would be if CBDCs were available. The crypto frontier as we know it will come to an end “, he continued.

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