In further reactionary panic to China’s hugely-hyped digital currency advances, the Bank of England announced on Monday that it would be creating a joint taskforce with the UK Treasury to explore the potential of issuing a British equivalent. As their press release stated: A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them.The move is likely to magnify perceptions that the West can only meet the challenge emerging from China’s e-currency advances, and the greater efficiencies it is likely to offer users, by following a similar path.And yet, this is hardly the case. The lack of critical commentary about the setbacks China faces in
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In further reactionary panic to China’s hugely-hyped digital currency...