The Bank of England’s director of fintech, Tom Hutton, recently spoke out on the United Kingdom’s plans to institute a central bank digital currency (CBDC) at the Crypto and Digital Assets Summit in London.
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According to a report, Hutton’s talk focused on privacy and anonymity — concepts he says are at odds with each other regarding the Bank of England’s digital currency focus.
While describing the U.K.’s plans for a digital pound as only being viable if “it has the very highest standards of privacy,” Mutton explained such a product was never meant to feature anonymity:
“Privacy and anonymity are used synonymously in a way they shouldn’t be.”
Apparently referencing the potential for cryptocurrency to be used in the commission of criminal acts — something experts estimate accounts for only 0.10% to 0.15% of all cryptocurrency use — Mutton also mentioned that anonymity was “a public policy problem and something that should not be allowed to continue.”
In further comments, Mutton explained that the digital pound would not be interoperable with cryptocurrencies. His reasoning: They don’t “fulfill any of the functions of money.”
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Author: Tristan Greene
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