Several UK lobbyists and other crypto groups had several opinions in mind regarding the digital pound, but most wanted it to be interoperable.
The UK had invited open opinions and consultations on the upcoming digital pound in February when the Bank of England was actively involved. With the consultations coming to an end on June 30, several UK lobbyists have given varying opinions on the digital’s pound and its various use cases.
Earlier, the Chair of the Crypto and Digital Assets All Party Parliamentary Group, Lisa Cameroon, had said, “A digital pound could bring a number of opportunities from potentially enhancing and improving our existing payment systems; providing an alternative to other forms of payment; and potentially spur further innovation across the sector,”
A few UK lobbyists have said interoperability with cash and bank deposits was of prime importance for the digital pound. The digital pound would have to be easy to use in case its goal was to protect privacy and ensure uniformity of money. Many also proposed to limit its holdings per individual.
Certain sections also wanted the use cases of the digital pound to be extended globally, with fast and cheap cross-border transactions. The UK Lobbyists were also divided on the issue of privacy, with many of them agreeing not to share users’ data with the Bank of England.
Though the UK government is expected to launch the digital pound sometime soon, the consultations would provide the initial framework to build it. Such diverse opinions are expected only to help the digital pound’s formulation.