UK Britcoin ambitions hit by public backlash

I am moderately pro crypto (at least I don't see it as that bad). But I see no point in any of the cbdc proposals we have had so far. They either offer nothing new or worse are the same as cash (or traditional bank accounts) only with less features.

The features are for the bankers, not for you.

There was a pretty awesome CBDC proposal from the Canadian Mint way back before CBDCs were even a thing:

https://en.wikipedia.org/wiki/MintChip

Of course it was cancelled as soon as stakeholders (banks, law enforcement) got wind of it.

To be clear, this isn't a cryptocurrency, right? It would be issued and backed by the Bank of England.

What is different about this and the current system? I assume the vast majority of pounds are held virtually in bank accounts already.

Correct. It’s a digital currency based on blockchains (or whatever the current buzzword might be). It allows central banks to tightly audit cashflow and exert greater control over how money is spent.

Does it actually use a blockchain? Interesting. I would have thought a centralized database would be more efficient. What benefit does a blockchain provide here?

Archive link: https://archive.is/lGyix