The Nation State was always going to react adversely to the advent of The Bitcoin Age. And CBDCs, otherwise known as Central Bank Digital Currencies, look to be one particularly potent weapon of choice. Widely known to be on the roadmap of Central Banks worldwide, despite vehement claims to the contrary, they would allow for an unprecedented and perhaps irreversible attack on civil liberties and hard-fought for freedoms.

Recently at an event hosted by the British Venture Capital Association, we challenged the Legal Counsel for the Bank of England on the case for CBDCs. We are happy to share that our arguments carried the day, with over 60% of the audience ultimately agreeing that CBDCs are neither necessary nor desirable. We have also submitted an open letter reiterating these points to the BoE as they embark upon a CBDC consultation process with the business community. Our letter seeks to clarify the case against CBDCs and so we share it below as the subject of the latest Timechain newsletter.

CBDCs are not a threat to bitcoin. If anything, they bring its value proposition into sharper focus. Bitcoin was designed to grant private property rights to every human on the planet, in part through an immutable supply. CBDCs are designed to extend the power of the government by manipulating monetary energy at the level of the individual and of course they place no restrictions on the ability to print currency at will. Their supposed ‘digital’ nature is merely a desperate attempt to stay relevant. To the great shame of democratic countries who choose to pursue them, they are seeking relevance through coercion. It does not have to be this way.

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