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‘Britcoin’ “Will Change Everything”, Analyst Warns

‘Britcoin’ “Will Change Everything”, Analyst Warns

A Bank of England (BoE) digital pound will be a “complete restructure” of the current financial system and can give the government more control on how people use their money, a financial analyst warns.

Some 130 countries are exploring a central bank digital currency (CBDC), according to the Atlantic Council.

The Bank of England (BoE) and the Treasury are currently considering feedback on how to lay the groundwork for a digital pound, nicknamed “Britcoin” by Prime Minister Rishi Sunak when he was chancellor.

A decision is yet to be made on whether or not to launch a digital pound. But if the plan goes ahead, it could be issued in just a few years’ time to complement physical cash.

Arguing against a retail CBDC, writer and financial analyst Susie Violet Ward said to NTD’s “British Thought Leaders” programme that a centrally controlled digital currency could lead to the curtailing of freedom, and that citizens have not been given enough information to enable robust debate.

If Britcoin is launched, it will be issued by the BoE and backed by the Treasury. Private firms, such as Fintech companies or banks, are expected to provide customers with digital wallets—computer or phone apps that are needed to manage transactions of the digital currency.

Unlike decentralised cryptocurrencies such as bitcoin, the digital pound won’t offer anonymity, which provides privacy but on the downside can also be exploited by criminals.

The infrastructure would also be programmable, enabling app providers to offer extra functions such as budgeting tools.

Ms. Ward said it could mean “they could tell you where to spend your money, what to spend it on, and potentially, if it expires.”

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UK Government Denies Targeting COVID-19 Policy Critics on Social Media

UK Government Denies Targeting COVID-19 Policy Critics on Social Media

The UK government is facing renewed pressure to shut its Counter Disinformation Unit (CDU) after the unit was accused of tracking the activities of vocal critics of COVID-19 policies when flagging so-called disinformation.

The government has denied targeting individuals, saying the unit was banned from flagging journalists and MPs to social media platforms.

The CDU, which was set up on March 5, 2020, monitors online narratives and trends, and has worked “closely with social media platforms to quickly identify and help them respond to potentially harmful content on their platforms,” including “removing harmful content in line with their terms and conditions, and promoting authoritative sources of information,” according to government ministers.

The Telegraph on June 2 accused the unit of secretly monitoring the activities of critics of the government’s COVID-19 policies such as lockdowns, school closures, mask mandate, and the proposed vaccine passport.

According to the report, documents released through Freedom of Information and data protection requests showed the CDU had flagged 24 social media comments by Molly Kingsley, who founded the children’s welfare campaign group UsForThem in response to school closures, and one post on Twitter by Dr. Alexandre De Figueiredo, a research fellow at the London School of Hygiene and Tropical Medicine, who opposed the mass COVID-19 vaccination of children.

The report said De Figueiredo’s tweet was first flagged by Logically, an artificial intelligence firm the CDU used to trawl the internet. Another government unit, the now-defunct Rapid Response Unit (RRU), was said to have “logged” articles written by Carl Heneghan, director of Oxford University’s Centre for Evidence-Based Medicine.

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Olduvai IV: Courage
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Olduvai II: Exodus
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