Bank of England CBDC discussion paper: Positive Money response

London, 7 June 2021 – Non-profit research and campaign group Positive Money has welcomed the Bank of England’s publication of a discussion paper on central bank digital currency (CBDC) this morning.

Simon Youel, head of policy & advocacy at Positive Money, said:

“With the decline of cash and emergence of private digital currencies, we urgently need a new form of public money in the form of a central bank digital currency, to ensure that we aren’t surrendering the future of money to unaccountable private interests.

“A central bank digital currency would open up access to our central bank to everyone, taking away the unique privileges enjoyed by private banks, and ending our reliance on them to manage our money and make payments.”

“It is welcome that the Bank of England intends to regulate private digital currencies such as stablecoins to protect users. If stablecoins and cryptoassets are to function as money they should be regulated as such.”

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 is a research and campaign organisation working towards 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