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. Ackno...