The UK Tax Reform Council has launched a campaign against the Bank of England’s idea of ​​developing a digital currency controlled by the central bank (CBDCs). The charity is issuing a warning that such a move could pose a significant threat to people’s privacy and lead to changes to the tax system that are too intrusive.

On the advisory board of the newly established Tax Reform Council is monetary economist John Chown, who was also instrumental in establishing the Institute for Fiscal Studies. The Tax Reform Council is of the opinion that the implementation of a CBDC would result in an increased level of government monitoring, a higher level of intrusion by tax officials, and a greater danger of cyber attacks on the system. country’s currency.

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

UK Bitcoin Collective co-founder Jordan Walker said that “CBDC deployment in the UK 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 further ties the monetary system to the political system, which is a system that has produced big problems in the past and continues to cause considerable problems in the present. Instead, we must make it our goal to maintain money and politics.” . completely different.

“The Bank of England’s choice to pursue a British CBDC raises a number of very important issues,” as noted by economists on the advisory board, including Patrick Minford, Julian Jessop and Chown. The organization’s goal is to educate people about the potential for “increased government monitoring” offered by CBDCs.

CBDCs claim they can improve financial inclusion, reduce costs for both businesses and consumers, and increase consumer and employee safety. Bitcoin, on the other hand, already provides these benefits and many more: By passing Bitcoin legislation, El Salvador was able to bank a large portion of its population, and Bitcoin also provides a path to freedom for those now living in oppressive regimes. . .

Both the Treasury and the Bank of England in the UK have been recruiting for CBDC positions. Despite opposition from the broader crypto community, the Bank of England has emphasized the “need” to develop a digital counterpart to the pound sterling.

According to the Tax Reform Council, every personal transaction made using a CBDC would be recorded in the private blockchain ledger maintained by the Bank of England. This would provide the tax collector with unparalleled access to people’s financial histories. According to the press release, this is something that has already started to happen in China with the renminbi CBDC.

Walker raised the alarm, saying: “I think we are closer to launch than many realize, and until we have more education on this issue, we will see many people in this nation being sucked into this computerized monetary tyranny without even realizing it. “. .”