The United Kingdom Tax Reform Council Launches Campaign Against Bank of England

blockchain.news:

The United Kingdom Tax Reform Council has begun a campaign in opposition to the idea of the Bank of England to develop a digital currency that is controlled by the central bank (CBDC). The charitable organization issues a warning that such a step might pose a significant threat to the privacy of individuals and result in modifications to the taxation system that are too invasive.

On the advisory board of the recently established Tax Reform Council is monetary economist John Chown, who was also instrumental in the establishment of the Institute for Fiscal Studies. The Tax Reform Council is of the opinion that the implementation of a CBDC would result in an increase in the level of government monitoring, a larger level of intrusion by tax officials, and an increased danger of cyberattacks on the monetary system of the country.

The think tank is concerned about the same things as the Bitcoin (BTC) community in the United Kingdom, which has been quite outspoken about its opposition to CBDCs.

The co-founder of the Bitcoin Collective in the United Kingdom, Jordan Walker, said that «the deployment of CBDCs in the United Kingdom is risky on a number of fronts.» If we did this, the government and the central bank would have a greater degree of influence over our monetary system.

«This binds the monetary system even closer to the political system, which is a system that has produced big issues in the past and that continues to bring considerable problems in the present. Instead, we need to make it our goal to keep money and politics completely distinct.

»the choice of the Bank of England to pursue a British CBDC poses a number of very significant issues," as noted by the advisory board economists, who include Patrick