Introduction
Central banks have undertaken many investigations, pilots and proofs-of-concept into Central Bank Digital Currencies (CBDCs), proving little beyond the lack of a convincing case in their favour, but unearthing many risks, drawbacks and unanswered questions.
Recent material from Sweden, Japan, the European Parliament, the UK’s House of Lords […]
Bank of England’s ‘consultation’ on the ‘digital pound’
We previously issued a paper on the YouGov surveys that the Bank of England commissioned to support its work on the ‘digital pound’, the outcome of which work is out for consultation.
We have responded to both the Consultation Paper and the accompanying Technology Working Paper.
Those responses are contained […]
Bank of England ‘consultation’ on the digital pound
We have analysed the Technology Working Paper which accompanies the Bank of England’s Consultation Paper on the ‘digital pound’, and responded to the survey.
You can download our responses to the survey questions here.
The UK’s ‘digital pound’, often referred to as ‘Britcoin’, will be a Central Bank Digital Currency […]
‘Consultation’ on the digital pound
We have responded to this consultation, although it is a sham.
You can download our response here.
The points on which the Bank of England has chosen to consult are narrow, and avoid the most important questions about the ‘digital pound’, which can only be referred to tangentially in a response.
This […]
SVB’s obituary
I have sent a paper to the Treasury Select Committee proving how the rescue of SVB UK by HSBC had taxpayer support.
You can DOWNLOAD THE PAPER HERE.The Governor of the Bank of England (Andrew Bailey) and the Economic Secretary to the Treasury (Andrew Griffith) are appearing before them on March 28th. Mr Griffith appears […]
HM Treasury’s Call for Evidence
We have submitted a response to the Call for Evidence issued by HM Treasury in connection with the review of the 2017 Payment Services Regulations.
You can DOWNLOAD OUR RESPONSE HERE.
It was submitted just before the collapse of Silicon Valley Bank and the unedifying spectacle of UK government ministers jumping up and […]
‘Project Financial Crime’ at The Payments Association
The Payments Association responded to our Open Letter of 2nd February 2023 about practices common amongst non-bank Payment Service Providers that enable financial crime.
You can DOWNLOAD THEIR RESPONSE HERE.
It amounts to a ‘nothing to see here’.
You will notice our response on page two, which is a ‘why don’t you […]
FCA website section on eMIs and PI
Here is the extraordinary letter issued by the Financial Conduct Authority on 16th March 2023 and addressed to the Chief Executives of nearly 300 non-bank Payment Service Providers.
These are Authorised eMoney Institutions, Authorised Payment Institutions, and some types of Open Banking providers.
It is a long list of failings, in […]
We have analysed the two YouGov surveys issued by the Bank of England and HM Treasury in connection with the public consultation on ‘Britcoin’: the plans for a UK Central Bank Digital Currency.
There is one survey for Small and Medium-Sized Enterprises, and one for Consumers.
They both consistently over-egg the current take-up of digital payments – […]