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A comment on Bank of England to explore a potential Central Bank Digital Currency. Parent comment

Re:Bank of England to explore a potential Central Bank Digit... by 300bps on Monday April 19, 2021 @08:12AM (#26861854)
What happens if the person you send the money to doesn’t deliver? What happens if someone compromises your account and sends all of your money away fraudulently? These are just two basic things that the current financial system deals with thousands of times per day.

And what about fees? BTC, ETH and many other coins are essentially unusable for smaller transactions. Sending .02 ETH (about $45) from my MEW wallet costs .00292 ETH (about $6.75).

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Re:Bank of England to explore a potential Central Bank Digit... by jfjfntntkt on Monday April 19, 2021 @08:48AM (#26862121)
The fact that there are problems to solve doesn't meant that we should just not have the thing.

What happens if I give a street artist 5 pounds to draw my picture and then he flatly refuses?

What happens if someone mugs me on the street and steals 100 pounds from me?

Should we not have cash at all because of these two problems, and others?

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Re:Bank of England to explore a potential Central Bank Digit... by lottin on Monday April 19, 2021 @01:06PM (#26865170)
The problems are already solved with the current financial system. That's the point.
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Re:Bank of England to explore a potential Central Bank Digit... by megameter on Monday April 19, 2021 @08:15PM (#26869312)
They're addressed, not solved. The problems still exist.
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Re:Bank of England to explore a potential Central Bank Digit... by pessimizer on Monday April 19, 2021 @02:19PM (#26866212)
Any government crypto wouldn't be a clone of bitcoin. It wouldn't place any importance on anonymity, untraceability, or immutability (quite the opposite.) There's absolutely no doubt that there would be massive controls over any international payments.
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