The Bank of England and the Treasury are reportedly on the brink of launching a digital pound, with CEO and founder of deVere Group, Nigel Green, warning that the private sector must be involved for its success.
Green urged the Bank and the Treasury to capitalize on the expertise and experience of the private sector to ensure the digital pound’s ultimate success, according to the information shared with Finbold.
Notably, the deVere Group CEO contributed to the consultation about the UK state digital currency, which is being carried out jointly by the HM Treasury and the Bank of England.
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He warned about the security and privacy issues of a state-backed digital currency but agreed that it would provide convenience, efficiency, and transparency.
‘There’s no doubt’ digital pound will happen
However, Mr. Green believes that a digital pound will inevitably happen, potentially by 2025, and that involving the private sector could mitigate any issues and foster opportunity. According to the deVere Group CEO:
“Whilst we have raised serious concerns both in public and in the Bank and Treasury’s consultation, about important security and privacy issues, there’s no doubt in my mind that a digital pound will happen -and sooner than many might expect – as digital is the future of money. We believe that they’ll announce their decision to do so by 2025.”
Also, Green stated that a digital pound would become an infringement on privacy, rights, and the ability to control our own money. He noted:
“This kind of control over people’s private, personal, financial decision-making goes against the values of Britain’s proud financial heritage. A digital pound is likely to become an infringement on our privacy, rights, and ability to control our own money.”
Further, the deVere CEO underlined that the digital wallet providers should play an important role in providing the necessary infrastructure to support these services, as they are already years ahead in terms of infrastructure, technology, and user experience compared to the Bank and Treasury.
He suggested that private sector involvement would drive innovation and improve services for users, leading to a better user experience and lower costs.
