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What's a digital pound, as opposed to a pound that exists digitally....I feel like this article isn't talking about unprinted currency? This sloppy language so
by Khelavaster 4y ago
What's a digital pound, as opposed to a pound that exists digitally....I feel like this article isn't talking about unprinted currency?
This sloppy language sounds like it's concealing some critical flaw in a new currency scheme..
- jermaustin1 4y agoHonestly, I posted this because I cannot find any detailed articles about it, and was hoping SOMEONE on HN might have more information they could comment.
- lesuorac 4y agoThe article links out to BoE's own paper. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1134845/CBDC_WEB_PDF_-_7_FEB_2023_1130am.pdf https://assets.publishing.service.gov.uk/government/uploads/...
- throwaway4aday 4y agoThey don't bother explaining that it is a CBDC (Central Bank Digital Currency) which is essentially just a ledger built on a blockchain but fully centralized. So instead of using some independent bank's ledger which settles with other banks or gives out cash you have a single system with complete oversight. This is only useful if it eventually replaces the other options. My question is, if there are balance limits from the beginning causing overages to be "swept" out of the system and into a bank account, what happens when there's no longer an external bank account to sweep the funds into?
- thoughtstheseus 4y agoIndividuals cannot hold DCBC assets except through a commercial bank. For the cash sweep the commercial bank could mail you a check? Or hold cash in a simple escrow account?
- Khelavaster 4y agoThanks so much for this!