Positive Money response to Central Bank Digital Currency Taskforce

London, 19 April 2021 – Responding to the government’s announcement of a new Central Bank Digital Currency Taskforce this morning, Simon Youel, head of policy and advocacy at Positive Money said:

“With the decline of cash and rise of private digital currencies like Facebook’s Diem, the future of money risks being surrendered to unaccountable global finance and tech corporations. It is timely that the UK is launching a taskforce into a central bank digital currency, which would serve as a public form of money to complement physical cash. A central bank digital currency should be an opportunity not only to put forward a new public form of money, but also a wider public payments system, which would reduce our reliance on global tech giants and card companies to make payments.

“It is welcome that the government seeks to engage civil society with this new taskforce, as there is a real risk of the design of a new monetary system being dictated by big industry players with considerable vested interests.

“We must take this opportunity to build a public monetary system that works for people, not big tech and big finance.”

Notes

1. Positive Money has been one of the leading voices calling for a central bank digital currency, as advocated in our 2016 ‘Digital Cash‘ and 2020 ‘Money We Trust‘ reports

2. Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org

3. For more information or to arrange a briefing/interview with a spokesperson, please contact press@positivemoney.org.uk or Simon Youel on 07817765517