UK Think Tank Launches Crusade Against ‚Surveillance‘ CBDCs

• The UK Tax Reform Council has launched a campaign against the Bank of England’s plans to introduce a central bank digital currency.
• The think tank shares similar concerns to the U.K. Bitcoin community, which has been vocal in its criticism of CBDCs.
• Economists on the advisory board are warning of increased government surveillance, greater intrusion from tax authorities and heightened risk of cyberattacks if a CBDC is implemented in the U.K.

UK Think Tank Launches Campaign Against CBDC

The United Kingdom Tax Reform Council has launched a campaign against the Bank of England’s plans to introduce a central bank digital currency (CBDC). The nonprofit organization warns that such a move could seriously harm individual privacy and lead to intrusive changes to the taxation system.

Advisory Board Economists Voice Concerns

The freshly formed Tax Reform Council includes monetary economist John Chown, co-founder of the Institute for Fiscal Studies, on its advisory board. The Tax Reform Council believes implementing a CBDC would lead to increased government surveillance, greater intrusion from tax authorities and a heightened risk of cyberattacks on the nation’s monetary system.

U.K Bitcoin Community Also Voices Opposition

The think tank shares similar concerns to the U.K.’s Bitcoin community, which has been vocal in its criticism of CBDCs. Jordan Walker, co-founder of the U.K.’s Bitcoin Collective, explained that „the rollout of CBDCs in the U.K is dangerous on a matter of fronts.“ He believes it would tie „the monetary system even closer to the political system,“ causing significant problems both now and in future years instead of separating money from politics as he believes should be done instead .

Membership On Advisory Board

The advisory board economists include Patrick Minford, Julian Jessop and Chow Kam Leong who have voiced their opposition towards introducing CBDCs in the UK due to potential harms it could bring about including increased government surveillance, greater intrusions from tax authorities and higher potential for cyber attacks on national monetary systems .

Final Thoughts

In conclusion , while there may be some benefits associated with introducing CDBCs into British markets , these must be weighed up carefully against possible harms that could result such as those outlined above . As such , further discussion is needed before any decision can be made regarding whether or not this move should go ahead .