Here Comes ‘Britcoin’

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 9 February 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today’s episode, NLW looks at the news that the U.K. has released a public consultation paper on a digital pound. While the British government hasn’t fully greenlit a U.K. central bank digital currency, the announcement argues “the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future.” NLW also looks at progress on an Indian digital rupee as well as catches up on Federal Reserve Chair Jerome Powell’s comments in Washington, D.C., on Tuesday afternoon. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com. - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Sylvain Sonnet/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Just because the concerns around CBDCs sound wild and extreme doesn't mean they're not justified.
0:06.0	Or at least, and this may be the more salient point, doesn't mean that they're not worthy of explicit and loud discussion now,
0:12.6	such that the political pressure on the people in power to decide about CBDCs feel like they must address these concerns in a serious way before any CBDC is actually created.
0:23.0	Welcome back to The Breakdown with me, NLW.
0:27.3	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:33.4	The breakdown is produced and distributed by CoinDesk.
0:38.7	What's going on, guys? It is Wednesday, February 8th, and today we are talking
0:42.7	Bitcoin. A quick note before we dive in, there are two ways to listen to the breakdown.
0:47.7	You can hear us on the Coin Desk podcast network feed, which comes out every afternoon,
0:51.4	and features the breakdown alongside other great Coin desk shows, or you can listen on the breakdown-only feed, which comes out a few hours
0:56.6	later in the evening. Wherever you listen, I would so appreciate it if you would take the time
1:00.6	to leave a five-star rating or a review, it makes a huge difference. All right, with that out of
1:05.5	the way, let's dive into our topic today. Yesterday, Lawrence, who goes by at Function Zero on Twitter, wrote,
1:12.3	If the UK launches a digital pound and the media calls it Britcoin, I'm going to get on
1:17.0	national television and ad lib an entirely new Unabomber manifesto. Sorry to Lawrence because I am
1:22.7	absolutely borrowing this because it is 100% happening. However, before we get into Britain's potential
1:28.7	CBDC, a quick follow-up from yesterday. Yesterday's show was all about the Fed's hawkish walkback.
1:35.0	The Fed deployed Governor's Bostick and Keshkari to use the much hotter-than-expected jobs
1:39.8	report from last Friday as context to reinforce the idea that we might need more rate hikes.
1:45.7	And what's more, it seemed like the market was getting the memo, finally pricing out any rate
1:49.6	cuts for the end of 2023, which it had been stubbornly holding on hope for.
1:53.9	Still, as I mentioned then, the real question was what Powell would come out and say in his
	...

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