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Love is in the air… and we love Bitcoin. Am I right? But do you know who doesn’t love Bitcoin? Federal governments. Today we’re going to be looking at a tale of the Bank of England and why they’re trying to create a CBDC. And they definitely don’t want it to be called “Brit-coin.”
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Sources:
https://www.theblock.co/post/209006/uk-government-and-central-bank-tease-cbdc-consultation?utm_source=cryptopanic&utm_medium=rss
https://bitcoinist.com/cbdcs-not-worth-the-risk/
https://bitcoinist.com/bank-of-england-and-treasury-supports-cbdc/
https://cointelegraph.com/news/uk-s-digital-pound-would-modernize-payments-but-won-t-replace-cash-minister
https://cryptonews.com/news/bank-of-england-and-treasury-explore-possibility-of-launching-a-state-backed-digital-pound.htm
https://www.coindesk.com/policy/2023/02/07/digital-pound-holdings-could-be-limited-to-10000-central-bank-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
https://www.theblock.co/post/209304/uks-bank-of-england-launches-digital-pound-project-as-new-form-of-money?utm_source=cryptopanic&utm_medium=rss
https://www.coindesk.com/policy/2023/02/07/digital-pound-nothing-like-crypto-bank-of-england-official-says-as-press-dubs-it-britcoin/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
https://beincrypto.com/britcoin-cbdc-nothing-like-crypto-say-boe/
https://ambcrypto.com/uk-takes-another-step-towards-crypto-regulation-with-britcoin-proposal/
https://abcnews.go.com/Business/wireStory/britcoin-uk-gets-closer-launching-digital-currency-96934332
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Love Is in the Air Is getting close to Valentine's Day were You guys sure that special with someone That you really care about him and what Better way to show him that than a Bitcoin Valentine's Day shirt Because we love Bitcoin am I right But do you know who doesn't love Bitcoin Federal governments today we're going to Be looking at a tale of the bank of England and why they're trying to create A cbdc and they definitely don't want it To be called britcoin let's get it Foreign My name is Ben don't forget to get your Sweetie a Bitcoin shirt I don't remember To hitmirch.com if you want to check These out uh hurry up while you still Got a girlfriend and bitcoin's over 20k Today we're gonna be talking about the Bank of England and their Journey Towards acbdc and whether or not Xrp is going to be involved so if you're In the xrp Army you're definitely going To want to watch this video until the Very end But there's a lot to unpack here so First some people are against this the Former bank of England advisor says Cbdc's are not worth the risk amid the Interest following cbdc's the former Bank of England advisor Tony Yates States that the project is not worth it According to eat the risk and cost of
Rolling out digital currencies are way Higher than their benefits so it seems Like he's just an anti-digital currency Guy however the Finance Minister of England Jeremy Hunt says that the Digital pound or britcoin would be Issued by the bank of England as part of The statement Boe Governor Andrew Bailey Emphasized that a digital pound would Provide a new way to pay help businesses Maintain trust and money and better Protect Financial stability However there are a number of Implications which our technical work Would need to carefully consider this Consultation and the further work the Bank would now do will be the foundation Of what would be a profound decision for The country on the way we use money so You've got some people against it you Have some in the government the Finance Minister is saying hey we think this is A good thing but just keep in mind guys There's a lot of bad things about at Cbdc but some of those bad things are Preventable if we get to them on the Front end before they roll them out That's going to be extremely pivotal in The situation so the bank of England is Being pretty careful when considering What they're going to do here but they Did launch the digital pound project and They're looking at it as a new form of Money Deputy Boe Governor John cunliffe
Said a digital pound could complement And support new forms of private digital Money payment services and help drive Down transaction costs charged by credit Card and other payment Merchants he also Flagged the high cost of sending money Overseas something new digital Currencies could bring down hmm What does that last part sound like I Don't know uh they are in the middle of An ocean over there this is definitely Causing ripples tell you that much but This is what's good about a cbdc for us To say that there are negative things About it is honest but for us to say There's only negatives that's Intellectually dishonest it will be Faster it will make the economy run more Efficiently and it could also help drive Out credit card transaction processing Companies because it's getting extremely Cut down on those fees but what's going On here in Britain is britcoin you guys Remember brexit right you got brexit you Got britcoin you got breakfast did they Invent breakfast I don't know UK is Closer to launching a digital currency Here they're calling it break coin Bread coin is moving closer to reality More than 80 percent of the world Central banks are considering launching Digital currencies already have done so Well cash is here today A Digital pound Issued and backed by the bank of England
Could be a new way to pay this trusted Accessible and easy to use Of course more advantages treasury Chief Jeremy Hunt said in a statement that's Why we want to investigate what is Possible first we'll always making sure We protect Financial stability the Stability is what they're concerned with The sovereignty and privacy is what We're concerned with uh but check this Out don't call it a comeback make sure Also don't call it a brick coin they Don't like that the digital pound is Nothing like crypto right of course Earlier they explain all the advantages Of crypto over traditional money but They do not want to be associated with Bitcoin the bank of England is not okay With the Press calling a digital pound Issued by the central bank The britcoin the digital patent can be Confused in people's mind with crypto Assets such as Bitcoin I should take This opportunity to correct this Misapprehension indeed nothing can be Further from the truth Bank of England Deputy Governor John cundliff said During a Tuesday speech on the central Bank's new plans for a digital pound A majority of cryptocurrencies are Highly speculative and have no intrinsic Value kunlov said adding that although It is possible some technologies Underlying crypto could help develop
Digital version of the pound the bank is Considering a range of options now this Seems to line up with what Jerome pound Said about the digital Dollar in 2020 he Said we could open this up to private Companies who maybe have already created Infrastructure to roll out a blockchain With a cbdc that's why I've always told You guys usdc looks like to be that coin Drum Powell opened that conversation up In 2020. what are these other options That they're referring to Could it be one of these options is Ripple is that on the table is xrp on The table some people think so Bank of England mentions Ripple and new cbdc Consultation paper here's one so let's Look at this how is Ripple involved in The cbdc of England what role will Rebel Play in this project is relatively Unclear this time however the US company Is mentioned in the consultation paper Under the heading enable private sector Innovation almost the exact same wording The Jerome Powell used three years ago And in connection with rtgs real-time Gross settlement we've always told you Xrp well done blockchain it's a network Of value not a network of information Like Swift it makes much more sense for You to actually be sending value instead Of messages and information when doing a Transaction in reference to this the Bank of England size two projects a DLT
Or distributed Ledger technology proof Of concept on which it worked with baton Systems clearmatics technologies LTD R3 And token and cross-border Synchronization project this is where Ripple comes in cross-border Synchronization a joint project we're Ripple demonstrating that synchronized FTX transactions in two different Simulated rtgs systems can be achieved Leading to the incorporation of Synchronization functionality into the Roadmap for Renewal furthermore Central Bank States it's been working with the Industry to develop new strategies and Structures so the benefits of Innovative Technologies can be enjoyed by new types Private sector companies what's a new Type of private sector companies that's Right Ripple apps located here in the USA but trying to be the banking Solution for the entire world when it Comes to the cross-border payments and Transactions and if you think about it Well they've already had a lot of the Groundwork for what could work for a Cbdc now something to think about here Is U.S dollar becoming the national Level cbdc but what about wholesale Cbdc's if usdc is the retail digital Dollar could it be that we see another Coin become the parent of the wholesale Of the banking infrastructure of Institutions and hedge funds could we be
That they service them this would be Rippled this would be the company that Would do this they've already got a lot Of these high level relationships Something to think about why is that Important well it's important because You need to have a way to basically Supplement the world Reserve currency Which is the US dollar and all these Banking transactions that are going to Be digital see cbdc's are going to roll Out a country at a time so it's going to Be really hard for a bank to settle Those in real time without there being One Central coin to look at to do those Transactions with similar to what the US Dollar is in the Fiat Reserve System Hope that makes sense I know it's a Little heady there a little deep level For you guys but you guys are smart like That then we have this here Bank of England U.S treasury support digital Pound project say UK likely to need cbdc But it's not all rainbows and Butterflies There are some downsides there are some Cons if you will to this I mean some People would say fiat currency is a con Itself it's too early to commit to Building infrastructure for one but We're convinced that further Preparatory Warriors Justified Write another statement in this Consultation report according to the
Telegraph the bank of England and the UK Treasury will go public with their Stance next week rolling out a road map That will lead to the successful Introduction of the digital pound to the UK economy by 2030. it's a very Important number I told you guys last Year in 2022 that we could expect the Cbdc for the U.S to roll out in the next Three to five years well that puts us at About 2026 potentially maybe 2027 Bitcoin I'm going to call it Bitcoin it Will be coming shortly there after that Seems to line up with the timelines but It's too early to commit so we're not Saying that we've made all the decisions On this quite yet there's still a lot of Work to be done it's a very complicated Process trying to roll out a digital Cbdc when the only place we've seen it Done is China and it didn't go so well So far of course but they can force it On their people don't worry about that Don't forget to subscribe to billboard On YouTube but you can also follow us on All the socials just go to Bitwaycrypto.com you get information About the book you can go to merch you Can see everything there of course uh if You want to contact us send us a resume You can do that on bitboycrypto.com as Well there's Frankie candles what a Great looking guy but here's where Things get a little scary digital pound
Holdings could be limited to 10K Central Bank says what's our biggest fear with Cbdc well that's not being able to spend Our own money now they're saying the UK Citizens Can Only Hold ten thousand Pounds in their wallet that's about Twelve thousand dollars we're not Talking about a million bucks a lot of People have that amount why are they Going to only be able to have a certain Amount the bait would Place some limits On Holdings at least during its Introductory period a rollout to avoid Citizens hoarding their Assets in a safe Central bank money and skirting around The commercial banking system They're going to force you in the system Guys we judge that a limit of between Ten thousand and twenty thousand pounds Per individual is likely to strike an Appropriate balance between managing Risks supporting the wide usability of The digital pound The question is who's going to get Access to this first is it going to be The common person or is it going to be The elite or the elite going to get in There and be able to get an advantage or Are they going to roll this out when They say roll down in waves does that Mean roll out to everyone in waves roll Out by tax bracket who knows roll out by City of course you know you can arrange Cities in a way that reads from the
Wealthiest to the poorest and vice versa So that's yet to be seen at this point And of course that drives home exactly What we've been saying we need this to Be open I understand a rollout But already ride the rip talking about Limiting how much their citizens can Hold that's what scares me about a cbdc Here in America which is why we're Working on regulation and we're working To get smart rules in place in order to Prevent those types of things we don't Want people not allowed to spend their Money because of a take on social media That's truly the orwellian nightmare That we could be living in if regulation Is not put out ahead of time to prevent Social credit scores so when can we Expect Bitcoin Bank of England treasury Explore possibility of launching State-backed digital pound no guys it's Britcoin stop calling it the digital Pound it sounds dirty consultation will Last for about four months will the Design phase follow until 2025 at least Only then with a final decision on this Asset be made right as the U.S cbdc is Probably going to be coming to fruition If they decide to go for it the launch Would require significant investment and This would happen sometime in the second Half of the decade moving towards 2030. What's this story about what why is this So important to cover well number one a
Developed first world country like the UK well we need to see what they're Doing with the cbdc how it could affect Us and the way we set ours up but is There more here is this a dog whistle to The financial world This is coming there's nothing you can Do to stop it we're going to roll this Out slowly And we're not making final decisions yet But we need to do this in a way that Were decks the traditional Financial System They're open to it but they're also Showing restraint But yet it's Financial Evolution we know Cbdc's are coming the question is will Bitcoin be one of the first and UK users Will be ahead of the technological curve Well would they be like those guys using Blackberries When the iPhone 8 came out That's all I got be blessed good boy out [Music]
