Britons would be limited to 20,000 digital pounds ($24,000) each if the country goes ahead with a digital currency, Bank of England Deputy Governor Jon Cunliffe said on Tuesday.
…Money above the cap would be “swept” into a customer’s commercial bank account given that a digital pound would not be a means for storing wealth, he told members of UK Finance, a banking industry body.
Cash in people’s pockets would be superseded by a new ‘Britcoin’ digital currency in a plan being pushed by Chancellor Rishi Sunak.
In what Treasury insiders say would be the biggest upheaval in the monetary system for centuries, the Bank of England would establish a direct digital equivalent to physical money and take control of it in the same way as sterling.
Its supporters in the Treasury say that it would allow the Bank to give the economy a boost in times of financial crisis by paying the ‘Britcoins’ directly into people’s bank accounts.
Investigative journalist Whitney Webb joins [Catherine Austin Fitts] to discuss her latest excellent exposés of the high-tech push for central control.