UK minister says digital pound will not track retail transactions

ChainCatcher news, a UK Treasury minister stated in a parliamentary meeting that the digital pound platform will enable authorities to understand banks rather than users. In the coming weeks, the UK government will collaborate with the Bank of England to publish a consultation document on the UK's central bank digital currency.

Economic Secretary to the Treasury Andrew Griffith testified to a parliamentary select committee that if the UK decides to pursue a retail-focused central bank digital currency [CBDC], it would be a platform model that does not allow the government to understand individual transaction data. He assured Members of Parliament that intermediaries like banks would issue wallets that individuals can use. The government will not understand the behavior of end users unless existing measures to prevent money laundering or fraud are taken. (source link)