The Bank of England and the UK Treasury have announced that the digital pound sterling has launched ahead of its planned launch date. Nigel Green, CEO and founder of deVere Group, warned that strong private sector involvement is essential for successful CBDC integration.
According to financial portal Finbold, Green offered to use his group's experience and skills to make sure the digital pound goes through without problems and creates new potential opportunities. He has been involved in a joint consultation between the Treasury and the Bank of England to create a state-owned cryptocurrency, but noted various security concerns as well as privacy concerns associated with it. Nevertheless, he nodded in agreement that convenience, efficiency and transparency should come with it. Implementation of CBDC is inevitable, he said, but private sector participation would mitigate any difficulties as well as offer new perspectives.
DeVere Group chief executive, Green, expressed deep reservations about the security and privacy issues associated with digital pound sterling; however, he believes it could help the economy. He stressed that such control over personal finances goes against the UK's financial traditions. He also noted the role digital wallet providers can play in providing the necessary structure for their services. Green said that, unlike the Bank of England and the UK Treasury, these providers have already established their own domain, figured out the technology and acquired user knowledge.
