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Digital pound could hit financial stability and erode privacy, UK lawmakers warn

By Tom Wilson LONDON (Reuters) - A digital pound used by consumers could harm financial stability, raise the cost of credit and erode privacy, though a version for wholesale use...
Digital pound could hit financial stability and erode privacy, UK lawmakers warn © Reuters. FILE PHOTO: Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

By Tom Wilson

LONDON (Reuters) - A digital pound used by consumers could harm financial stability, raise the cost of credit and erode privacy, though a version for wholesale use in the financial sector demands greater appraisal, British lawmakers said on Thursday.

Britain's central bank and finance ministry said in November they would hold a consultation this year on whether to move forward on a central bank digital currency (CBDC) that would be introduced after 2025 at the earliest.

Central banks across the world have stepped up work on CBDCs to avoid the private sector dominating digital payments as cash use falls. The prospect of widely-used cryptocurrencies issued by Big Tech has also galvanized such efforts.

But an e-pound used by households and business for everyday payments could see people move cash from commercial bank accounts to digital wallets, said the report by a committee in the House of Lords, parliament's unelected upper chamber.

That could spark financial instability in times of economic stress and increase borrowing costs as a key source of lenders' funding would dry up, it said.

A digital pound could also harm privacy, the report added, by allowing the central bank to monitor spending.

"We were really concerned by a number of the risks that are posed by the introduction of a CBDC," Economic Affairs Committee Chair Michael Forsyth told Reuters.

Many benefits for the consumers could be "achieved by alternative means with fewer risks," Forsyth said, pointing to regulation as a better tool to ward off the threat of crypto issued by Big Tech firms.

However, a wholesale CBDC used to transfer large sums could make securities trading and settlement more efficient, the report said. Britain's central bank and finance ministry should consult on its advantages over the expansion of the existing settlements system, it said.

Britain's parliament should have the final say on any decision to launch a e-pound, the report said, calling for lawmakers to also vote on its governance.

A CBDC would have "far-reaching consequences for households, business and the monetary system," Forsyth said. "That needs to be approved by parliament."

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25-01-2022 09:29:33 (UTC+7)

EUR/USD

1.1269

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EUR/USD

1.1269

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128.32

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 EUR/USD1.1269↑ Sell
 GBP/USD1.3472Neutral
 USD/JPY113.86Sell
 AUD/USD0.7135Neutral
 USD/CAD1.2636Neutral
 EUR/JPY128.32↑ Sell
 EUR/CHF1.0350Neutral
 Gold1,840.85Sell
 Silver23.672↑ Sell
 Copper4.4255↑ Buy
 Crude Oil WTI83.45↑ Sell
 Brent Oil85.75↑ Sell
 Natural Gas3.860↑ Buy
 US Coffee C237.55Neutral
 Euro Stoxx 504,082.45↑ Buy
 S&P 5004,410.13↑ Buy
 DAX15,112.45↑ Buy
 FTSE 1007,353.49Buy
 Hang Seng24,243.61↑ Buy
 Small Cap 20002,030.04↑ Buy
 IBEX 358,492.16↑ Buy
 BASF65.390↑ Buy
 Bayer50.88↑ Buy
 Allianz220.13↑ Buy
 Adidas238.85↑ Sell
 Lufthansa6.658↑ Sell
 Siemens AG137.77↑ Buy
 Deutsche Bank AG10.980↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,195/ 6,245
(25/ 35) # 1,202
SJC HCM6,190/ 6,255
(40/ 45) # 1,211
SJC Hanoi6,190/ 6,257
(40/ 45) # 1,213
SJC Danang6,190/ 6,257
(40/ 45) # 1,213
SJC Nhatrang6,190/ 6,257
(40/ 45) # 1,213
SJC Cantho6,190/ 6,257
(40/ 45) # 1,213
Cập nhật 25-01-2022 09:29:36
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ↀ Giá vàng thế giới
$1,840.79-2.74-0.15%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2486025350
RON 95-II,III
E5 RON 92-II2359024060
DO 0.05S1890019270
DO 0,001S-V1925019630
Dầu hỏa1779018140
ↂ Giá dầu thô thế giới
WTI$83.39+0.390.47%
Brent$86.63+0.30.35%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.470,0022.780,00
EUR24.914,3926.311,12
GBP29.734,0431.003,87
JPY192,65203,94
KRW16,3519,92
Cập nhật lúc 18:49:50 25/01/2022
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