The U.K. Tax Reform Council has launched a campaign against the Bank of England's plan to introduce a central bank digital currency (CBDC). The non-profit organization warns that such a move could seriously harm individual privacy and lead to intrusive changes to the taxation system.

The freshly formed Tax Reform Council includes monetary economist John Chown, cofounder of the Institute for Fiscal Studies, on its advisory board. The Tax Reform Council believes implementing a CBDC would lead to increased government surveillance, greater intrusion from tax authorities and a heightened risk of cyber attacks on the nation's monetary system.

The think tank shares similar concerns to the U.K. Bitcoin (BTC) community which has been vocal in its criticism of CBDCs. Jordan Walker, co-founder of the U.K.’s Bitcoin Collective, explained that “the rollout of CBDCs in the U.K. is dangerous on a matter of fronts. We would be handing over more control of our money to the government and central bank.”

(By JOSEPH HALL)

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