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Experts back BoE’s privacy-focused approach in digital pound proposal

Press Releases Crypto News Crypto-News Experts back BoE’s privacy-focused approach in digital pound proposal

The UK’s approach to a potential digital pound is drawing significant attention, particularly regarding privacy concerns.

The Bank of England (BoE) and the Treasury, in their response to the extensive 2023 consultation, have highlighted a robust framework to ensure that privacy and user rights are at the forefront of this digital currency initiative.

Crypto industry insiders, including legal and technical experts, have expressed cautious optimism about the government’s approach to privacy in an exclusive CoinDesk report.

Jannah Patchay, from the Digital Pound Foundation, commended the government for recognizing privacy concerns at every stage. This sentiment reflects the already widespread concern among respondents and industry participants alike that neither the bank nor the government should access personal data.

The consultation, which saw over 50,000 responses, echoed a unanimous sentiment: the need for a secure and private digital currency system. Acknowledging this, the BoE’s proposed ‘platform model’ has been touted as a reassuring solution.

This model, as explained by Richard Gendal Brown, CTO at R3, envisages private firms managing the customer interfaces while the BoE provides the underlying infrastructure. This separation is crucial in addressing privacy concerns, as it limits the government’s direct access to personal data, focusing instead on maintaining the integrity of the currency’s infrastructure.

The BoE’s statement on the digital pound also emphasizes its complementary nature to existing banknotes. The bank adds that this digital form of cash is not in

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Author: Rony Roy

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