• The UK Tax Reform Council has launched a campaign against the Bank of England’s plan to introduce a central bank digital currency (CBDC).
• The think tank shares similar concerns to the U.K. Bitcoin community in its criticism of CBDCs.
• Economists on the advisory board have expressed their apprehension about increased government surveillance, greater intrusion from tax authorities, and heightened risk of cyberattacks with a CBDC launch.
UK Think Tank Prepares for “Crusade” Against CBDC
The United Kingdom Tax Reform Council (TRC) has announced that it is launching a crusade against the Bank of England’s plans for implementing a central bank digital currency (CBDC). The TRC is made up of monetary economists, including John Chown, who serves as an advisory board member and co-founder of the Institute for Fiscal Studies.
Concerns Raised Over Intrusive Changes To Tax System
The TRC is concerned that introducing a CBDC would lead to an increase in government surveillance, greater intrusion from tax authorities, and higher risk of cyberattacks on the nation’s financial system. These worries echo those put forward by members of the U.K.’s Bitcoin Collective who argue that such a move could be dangerous due to its close ties between money and politics.
Advisory Board Members Voice Apprehension
Members of the TRC Advisory Board including Patrick Minford, Julian Jessop and Chown have voiced their apprehension over what they see as an intensified level of control from governmental institutions should a CBDC be launched. They also fear that an increase in governmental control could lead to individuals’ financial privacy being compromised due to intrusive changes in taxation systems.
U.K Bitcoin Community Shares Similar Concerns
The U.K.’s Bitcoin community shares many similar concerns about the proposed introduction of CBDCs with Jordan Walker, co-founder of the U.K.’s Bitcoin Collective stating “the rollout of CBDCs in the U.K is dangerous on multiple fronts”. He argued that rather than increasing control over people’s money it would be better if society sought out ways to separate money and politics instead .
Campaign Aims To Raise Awareness
The Tax Reform Council’s campaign seeks to raise awareness around these issues among both politicians and members of public alike so they can make informed decisions when casting their votes come election time next year when this issue will be up for debate once again..