BoE’s digital pound consultation response: Positive Money response

London, 25 January 2024 – Positive Money reacts to the Bank of England’s response to the digital pound consultation it launched alongside the Treasury last year, published today.

Simon Youel, head of policy and advocacy at research and campaign group Positive Money, said: 

“It’s reassuring to see the Bank of England commit to the necessary safeguards to prevent both the Bank and the government from accessing personal data from any future digital pound, and ensure people will still be able to use physical cash for as long as they choose to. 

“This should hopefully instil some much-needed trust in a proposed digital pound, which is vital if we want people to maximise the benefits it offers as a public good. 

“The huge response to the consultation highlights the importance of a genuinely inclusive national conversation on the future of our money, which is presently facing a rapid privatisation as cash gets replaced by electronic bank money.”

Notes

• The Bank of England’s consultation response can be found here: https://www.bankofengland.co.uk/paper/2024/responses-to-the-digital-pound-consultation-paper 

• Positive Money led a civil society response to the digital pound consultation, which can be viewed here: https://positivemoney.org/2023/07/leading-thinkers-call-for-more-inclusive-public-conversation-on-the-future-of-money/ 

About

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.uk