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- 1 The finance ministry of the nation conducted a consultation of CBDC alongside the Bank of England and concluded in June.
- 2 It received more than 50k responses,
- 3 The major concern the study figured out was privacy and control of money.
In its consultation response on January 25, the government of the United Kingdom noted that it will ensure that future legislation that comes out for a digital pound will provide protection to users’ privacy and control of money.
The finance ministry of the nation conducted a consultation of central bank digital currency (CBDC) alongside the Bank of England and concluded in June. It received more than 50,000 responses and the major concern the study figured out was privacy and control of money.
Apart from the UK, several other nations are exploring CBDCs – some are testing their digital currency and some have already tested their CBDCs successfully while in some countries, CBDCs are fully operational.
The concept of CBDC got major backing following the sudden development of blockchain technology and a hype of cryptocurrencies in the market. Some major economies such as the European Union and China are constantly conducting pilot tests for their CBDC’s.
Nigeria has already launched its central bank digital currency which is named as eNaira, the government was fully enthusiastic over their self developed product, but it is crucial to note that the CBDC did not get the same response as expected.
Sarah Breeden the deputy governor for Financial Stability at the Bank of England, said that “Trust in all forms of money is an absolute necessity,” he further added the “ We know the decision on whether or not to introduce a digital pound in the U.K. will be a major one for the future of money. It is essential that we build that trust and have the support of the public and businesses who would be using it if introduced.”
Crypto Market and Bitcoin Price Update
The fear and greed index of the crypto market is reflecting neutrality as it is at 50, but it is important to note that the entire crypto market capitalization seems to be struggling since the past month and the market cap declined 8.08% in the past 7 days.
Bitcoin, the pioneer of the crypto market, has faced several barriers in the past few days and when writing, it was trading at $39,850, with a weekly decline of 5.94% in the weekly time frame.
Before the approval of spot ETF Bitcoins, BTC price was flourishing and tried several times to break the resistance of $50k, however it fell from the boundary of $38k. ETH is down around 5% intraday.
According to the data of CoinMarketCap, in the past seven days, FTT, the native token of FTX, has declined over 9.60%, and as of writing, it was trading at $2.65; the all-time token was $85.02.
Similarly, in the monthly time frame, FTT declined 25.90%. However, in terms of the yearly time frame, the token’s prices reflect a profit of 38.61%.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
