by Frontier Tech Radio
Weekly podcasts from Barry E James explaining, exploring and answering your questions on the implications of frontier technology for people, Business and Businesses in this next wave of the Internet. A place to... get in the loop, or better still ask the question that has most puzzled or perplexed you about new and frontier technology, and their implications for you or your business.
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2/1/2018
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June 7, 2023
<p>At the close of the Bank of England's consultation on the Digital Pound Barry interviews Danny Kruger MP, of the UK Parliament's Treasury Select Committee, who oversee the project, discussed the deep implications of central bank digital currencies (CBDCs) on financial stability and liberty.</p> <p>While Danny expressed concerns about the potential negative effects, he acknowledged that he and his colleagues on the Treasury Select Committee were not experts on the topic and that there was a general perception that CBDCs were a natural evolution of the digital revolution.</p> <p>Barry and Danny discussed the need for serious consideration at the legislative level regarding the introduction of a digital pound, as it could have implications for financial and economic stability. They also expressed concern about the lack of public engagement from the Bank of England's consultation and emphasized the importance of government and parliament's role in making decisions about the use of a digital pound.</p> <p>Danny and Barry discussed the potential risks and dangers of a Central Bank Digital Currency (CBDC). They also discussed the need for greater attention and a new institution to ensure transparency and accountability in the use of CBDCs - the potential benefits of a digital money commissioner, with Danny saying "Yes, I do. I think that is a good suggestion, a digital commissioner of some sort"</p> <p>Danny congratulated Barry on raising the debate and they talked about working together to continue raising the debate towards creating the needed structures and safeguards for the future.</p> <p>Quotes include:</p> <p>"China is going full ahead. That in itself should cause us to pause and think about what we're doing."</p> <p>Q. James: “This seems to me something akin to rewriting part of a constitution, in the sense that it will live with us for generations to come. Do you feel that the Treasury Select Committee is… replete [with all it needs]? Kruger: No, not to approach the topic in that sense. No, definitely not. Nor should it be. I mean, if it's a constitutional question, that's not for the Treasury Select Committee. They're particularly focused on the Treasury's remit, which is to grow the economy, and to maintain stability and so on.”</p> <p>"We need to remain at the cutting edge of financial technology and market developments [but…] “The UK should not adopt a digital currency simply because other nations are doing so."<br /> "The case for a retail CBDC, in answer to your question, I don’t think has yet been made. It does have the sense of a solution looking for a problem."<br /></p> <p>“There's a financial stability question. And then the other [that’s] more obvious and pertinent is liberty. What does it mean for you and me if we are being encouraged, or at what points does it become required, to hold our wealth in this new form? And what powers does government have to oversee these transactions?<br /> <br />“Obviously they [governments] make a strong case that they wouldn't assume that power. But once the technology exists you can see the way that a crisis comes along, as it did for the Canadian government when they were besieged in Ottawa by a lot of angry anti-COVID truckers, they reach for the levers that are available to them.”<br /> <br /> These technical, technological, innovations are not neutral… By creating the thing, you put the country on a path to making use of it… But fundamentally it'll be for Parliament, not even government, [to decide] because Parliament would have to pass legislation for this… and I worry that we don't have the political culture and that we're not asking the right questions at the moment to ensure that that's what happens.<br /> <br /> “You also need distribution and individual liberty. And it might be that, as you suggest, some sort of statutory commissioner who has some meaningful sort of agency in the world of information and financial information could be the necessary stabilising influence [providing] the sense of security that the system needs so we can have a more genuinely distributed arrangement whereby people might well be holding their wealth in these innovative different forms”</p> <p>They said to us the introduction of a digital pound will not, in itself, increase the reduction in the use of cash when, of course, it will. It's unthinkable that it wouldn't. This will further squeeze cash out of the system. "It's unthinkable that it wouldn't. This will further squeeze cash out of the system."<br /> -</p>
May 24, 2023
<p><strong>Summary</strong></p> <ul> <li>Jasmine and Barry discussed the Bank of England's consultation on creating a digital pound. Jasmine expressed her concerns about central bank digital currencies, stating that they allow for too much control and monitoring by the government.</li> <li>Barry and Jasmine discussed the differences between cryptocurrencies and central bank digital currencies, with Jasmine expressing concerns about the centralized nature of CBDCs and the potential for government control over people's finances. They also talked about the impact of taxation on small businesses and the extractive nature of the economy.</li> <li>Jasmine and Barry discussed the potential risks and benefits of central bank digital currencies (CBDCs) and how they have been implemented in different countries. They also talked about the possibility of abuse of power and loss of control for individuals once CBDCs become the only form of currency.</li> <li>Barry and Jasmine discussed the lack of media coverage on the restriction of access to cash in Nigeria and the potential dangers of CBDCs in terms of data privacy and inequality. They also expressed concern about the mainstream media's reluctance to report on alternative views and the need for more protests to protect individual freedoms.</li> <li>Barry and Jasmine discussed the potential implementation of CBDCs and the impact it could have on society. Jasmine suggested using cash, investing in gold and cryptocurrencies, and not keeping too much money in bank accounts.</li> <li>Barry and Jasmine discussed various alternative options to traditional banking and currency, including Tally Money, a gold-backed bank account and payment card. They also talked about potential collaborations in the future.</li> </ul> <p> </p> <p>Join us at the event:<br /> <strong>The Great Digital Pound Debate: Do We Need It, Is it Safe or Is It Great?<br /></strong>Thu, Jun 1, 6:00 PM - 7:30 PM BST<strong><br /></strong></p> <p><a href= "https://www.linkedin.com/feed/update/urn:li:activity:7066732162867154946/"> https://www.linkedin.com/feed/update/urn:li:activity:7066732162867154946/</a> </p>
April 27, 2021
<p>Barry talks to David Palmer, Blockchain Lead at Vodaphone and <br /> Jamiel Sheikh, Founder & CEO of Chainhaus - a leading advisory, education, events and app studio about the rapid rise of DeFi and the advent of 'Central Bank Digital Currencies' in the week that the Bank of England announced its digital Pound project - closely following the digital Euro.<br /> <br /> Jamiel Sheikh reveals the activities of central banks around the world and talks about the coming digital battles he sees to establish DeFi - decentralised finance.</p>
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Weekly podcasts from Barry E James explaining, exploring and answering your questions on the implications of frontier technology for people, Business and Businesses in this next wave of the Internet.
A place to... get in the loop, or better still ask the question that has most puzzled or perplexed you about new and frontier technology, and their implications for you or your business.
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