Central Bank Digital Currency

Lord Fowler Excerpts

Tuesday 13th April 2021 Lords Chamber

[The Lord Speaker (Lord Fowler)]

I call the noble Lord, Lord Desai. No? I call the noble Lord, Lord Moylan.

[Lord Moylan (Con)]

My Lords, it is no surprise that China is a leader in central bank digital currency because essentially this involves us all having a bank account with the central bank over which the Government can, without the most rigorous safeguards, maintain panoptic surveillance. In China it is used as a means of social and economic control. Will my noble friend agree that the British people, jealous of their liberties, should be very anxious about the introduction of such a project here?

--- Later in debate ---

[Baroness Penn (Con)]

The increase in digital payments during the pandemic has happened without the introduction of a central bank digital currency. However, the Government continue to look at the potential benefits of introducing a digital currency which may improve the resilience and innovation of payment systems within the UK.

[The Lord Speaker (Lord Fowler)]

Is the noble Lord, Lord Desai, there? He is not. All the supplementary questions have now been asked and we move to the next Question.