Central Bank Digital Currency
Debate between Lord Moylan and Lord Fowler
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?