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@ 2022-08-02 15:30:00

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Bank of England tells ministers to intervene on digital currency 'programming'​

Digital cash could be programmed to ensure it is only spent on essentials, or goods which an employer or Government deems to be sensible

The Bank of England has called on ministers to decide whether a central bank digital currency should be “programmable”, ultimately giving the issuer control over how it is spent by the recipient.

A digital currency could make payments faster, cheaper and safer, but also opens up new technological possibilities, including programming: effectively allowing a party in a transaction, such as the state or an employer, to control how the money is spent by the recipient.

“You could think of giving your children pocket money, but programming the money so that it couldn’t be used for sweets. There is a whole range of things that money could do, programmable money, which we cannot do with the current technology.”

https://www.telegraph.co.uk/busines...sters-intervene-digital-currency-programming/


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