Britain Moves Closer to Launching Official Digital Currency
2023-02-12
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1The British government is taking another step toward launching an official digital currency.
2British officials said this week they plan to gather public comments on whether the country should establish a digital version of the pound.
3The decision comes nearly two years after Britain's Treasury and the central bank, the Bank of England, confirmed they were considering the launch of a digital currency.
4If created, a digital pound would be issued by Britain's central bank, not by private companies.
5The Bank of England would set the digital currency's value. Digital currencies are also known as cryptocurrencies.
6British proposals for an official digital currency suggest individuals would not hold accounts directly with the Bank of England.
7Instead, they would hold accounts with private digital wallet providers.
8Holders of the currency would be able to use it to pay for goods and services electronically.
9Britain's Finance Minister Jeremy Hunt said in a statement, "While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that's trusted, accessible and easy to use."
10Hunt added that the government is interested in investigating different possibilities for an official digital currency, while also taking steps to protect the finances of users.
11Bank of England Governor Andrew Bailey said all elements of a digital currency system - including privacy issues - need to be considered.
12Gathering public opinions on creating a digital pound marks the beginning of "what would be a profound decision for the country on the way we use money," Bailey said.
13British Prime Minister Rishi Sunak had asked Britain's central bank to examine the possibilities of a national digital currency while he was serving as finance minister in 2021.
14So far, 11 countries have launched digital currencies.
15The U.S. Federal Reserve and the European Central Bank have both considered launching official digital currencies.
16Supporters of such currencies say they make digital business easier and less costly.
17Such currencies can also make the financial system available to people who do not hold bank accounts.
18But digital forms of currency also present risks, including internet attacks, privacy concerns and the danger that they can be misused by criminals.
19The cryptocurrency industry has been hit with a series of problems in recent months.
20Crypto crashes led to large losses last year.
21And the collapse of crypto company FTX in November led to fraud charges against FTX founder Sam Bankman-Fried.
22Former Bank of England Governor Mervyn King recently said he thinks a digital pound would have risks but "no obvious benefits."
23King, who is currently a member of Britain's House of Lords, added that state-backed digital currencies may be useful in countries that do not have effective banking systems.
24But he said he does not believe this is the case in Britain.
25"We need to be selective and not driven by a misplaced enthusiasm for all things crypto," King said.
26I'm Bryan Lynn.
1The British government is taking another step toward launching an official digital currency. 2British officials said this week they plan to gather public comments on whether the country should establish a digital version of the pound. The decision comes nearly two years after Britain's Treasury and the central bank, the Bank of England, confirmed they were considering the launch of a digital currency. 3If created, a digital pound would be issued by Britain's central bank, not by private companies. The Bank of England would set the digital currency's value. Digital currencies are also known as cryptocurrencies. 4British proposals for an official digital currency suggest individuals would not hold accounts directly with the Bank of England. Instead, they would hold accounts with private digital wallet providers. Holders of the currency would be able to use it to pay for goods and services electronically. 5Britain's Finance Minister Jeremy Hunt said in a statement, "While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that's trusted, accessible and easy to use." 6Hunt added that the government is interested in investigating different possibilities for an official digital currency, while also taking steps to protect the finances of users. 7Bank of England Governor Andrew Bailey said all elements of a digital currency system - including privacy issues - need to be considered. Gathering public opinions on creating a digital pound marks the beginning of "what would be a profound decision for the country on the way we use money," Bailey said. 8British Prime Minister Rishi Sunak had asked Britain's central bank to examine the possibilities of a national digital currency while he was serving as finance minister in 2021. 9So far, 11 countries have launched digital currencies. The U.S. Federal Reserve and the European Central Bank have both considered launching official digital currencies. 10Supporters of such currencies say they make digital business easier and less costly. Such currencies can also make the financial system available to people who do not hold bank accounts. 11But digital forms of currency also present risks, including internet attacks, privacy concerns and the danger that they can be misused by criminals. 12The cryptocurrency industry has been hit with a series of problems in recent months. Crypto crashes led to large losses last year. And the collapse of crypto company FTX in November led to fraud charges against FTX founder Sam Bankman-Fried. 13Former Bank of England Governor Mervyn King recently said he thinks a digital pound would have risks but "no obvious benefits." 14King, who is currently a member of Britain's House of Lords, added that state-backed digital currencies may be useful in countries that do not have effective banking systems. But he said he does not believe this is the case in Britain. 15"We need to be selective and not driven by a misplaced enthusiasm for all things crypto," King said. 16I'm Bryan Lynn. 17The Associated Press and Reuters reported on this story. Bryan Lynn adapted the reports for VOA Learning English. 18___________________________________________________________ 19Words in This Story 20digital wallet - n. a way of storing a user's digital cash and online shipping information 21cash - n. money in the form of bills and coins, rather than checks and credit cards 22accessible - adj. able to be reached or easily gotten 23profound - adj. felt or experienced very strongly or in an extreme way 24fraud - n. the crime of using dishonest methods to take something valuable from another person 25obvious - adj. easy to see, recognize or understand 26benefit - n. a good result or effect 27enthusiasm - n. a feeling of energetic interest in a particular subject or activity 28_____________________________________________________________ 29What do you think of this story? We want to hear from you. We have a new comment system. Here is how it works: 30Each time you return to comment on the Learning English site, you can use your account and see your comments and replies to them. Our comment policy is here.