We would like you to adopt the digital pound CBDC as soon as possible. Please tell the nation of the benefits in your budget.
We believe the digital pound platform design, using a public DLT core ledger, is a fundamental success factor for the digital pound.
What previously made a public ledger widely attackable, is now obviated if using the original Bitcoin technology. Remarkably making a public ledger more secure and private, than a private one. This is what opens it up to innovation..
Using a private core ledger means the challenges you document so well, are inevitable, probably insurmountable at scale.
Is the BoE worried that it cannot allow the core ledger to be public because that appears to be open for attack? Though we fully sympathise with this view, we can show you how it is unfounded, once the original Bitcoin DLT is fully understood.
It’s important to note, we are not talking about ‘crypto’ protocols in any shape or form here. That is, those which are the biggest and most popular. Nor are we talking about what the Fintech lobby has been proposing which is essentially crypto too. We are talking about an unfettered Bitcoin protocol as the core ledger. And recommend highly flexible stablecoin like tokens locked to every digital pounds serial number.
The original Bitcoin protocol was designed from the ground up for unbounded scale, better privacy and security than before while still allowing for the law to trace and follow crime if necessary.