After the research, Rishi Sunak is expected to provide a £90 billion Brexit windfall.
With the publishing of a series of suggestions for Boris Johnson, RISHI Sunak’s vision of a digital pound – which the Chancellor has called “Britcoin” and which experts believe has the potential to enhance the UK’s economy by up to £90 billion – has gone a step closer.
And the Prime Minister has praised the study by the Government’s Taskforce on Innovation, Growth, and Regulatory Reform (TIGGR), which is chaired by former Tory leader Sir Iain Duncan Smith MP, as a path for “realising the promises of Brexit.” Professor Daniel Hodson, chairman of the City United Project (CUP), a think tank asked by Sir Iain to present evidence to him and his colleagues, including fellow MPs Theresa Villiers and George Freeman, lauded the study as “a blueprint for global Britain’s future prosperity and security.”
The CUP’s April report on the Aurora proposals on the need for the immediate development of a Central Bank Digital Currency (CBDC), or “E-Pound,” which included a total of 24 recommendations related to the City and the UK’s financial services industry, was highlighted as part of the evidence submitted.
“There are various models for retail CBDCs that the UK could look to adopt,” according to the TIGGR report, “but in our view, the UK should consider a hybrid model like the one proposed in the CityUnited Project’s proposal, where the CBDC is a claim on the central bank, with intermediaries onboard to handle retail payments.
“Involving payment service providers would allow for innovation and speed, allowing the UK to be the first to implement a hybrid retail model.
“If we want to foster mass consumer adoption, we need interoperability between the CBDC and other kinds of money.”
“I asked you to re-imagine, rapidly and creatively, the UK’s approach to regulation and make best use of our recently rediscovered freedoms,” Mr Johnson wrote in a letter to the Taskforce.
“You have more than lived up to the challenge, responding with concrete initiatives that will put a TIGRR in the British business tank.”
I’ve asked Lord Frost to help me get this important project ahead.
Boris Johnson is a British politician.
“I want to reassure you that your work on TIGRR is far from complete.”Brinkwire Summary News,” he continued.