{"id":7179,"date":"2025-01-10T15:02:25","date_gmt":"2025-01-10T14:02:25","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=7179"},"modified":"2025-01-10T15:02:25","modified_gmt":"2025-01-10T14:02:25","slug":"former-uk-prime-minister-liz-truss-champions-bitcoin-while-cautioning-against-central-bank-digital-currencies","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/10\/former-uk-prime-minister-liz-truss-champions-bitcoin-while-cautioning-against-central-bank-digital-currencies\/","title":{"rendered":"Former UK Prime Minister Liz Truss Champions Bitcoin While Cautioning Against Central Bank Digital Currencies"},"content":{"rendered":"

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In an discussion<\/a> with Peter McCormack, the long-time Bitcoin proponent and presenter of a podcast that initially concentrated solely on Bitcoin before branching out to encompass UK politics, former UK Prime Minister Liz Truss articulated her backing for Bitcoin and voiced serious concerns regarding central bank digital currencies (CBDCs). Truss, who had a brief tenure as the UK\u2019s Prime Minister and Leader of the Conservative Party, spoke openly about fiscal policy, the independence of the Bank of England, and the prospective ramifications of CBDCs.<\/p>\n

Pro-Bitcoin, Opposed to CBDCs<\/h2>\n

During the discussion, Truss clarified her stance on digital currencies, accentuating their ability to \u201cstrip power away from central banks.\u201d She remarked: \u201cI am an advocate for Bitcoin and cryptocurrency. I believe they are beneficial. I think they assist in taking power away from central banks\u2026 I\u2019m extremely, extremely concerned about anything resembling a central bank digital currency.\u201d<\/p>\n

She articulated worries over the unchecked authority held by central banks, especially the Bank of England, which she contended remains \u201cunaccountable.\u201d Referencing quantitative easing<\/a> (QE) and inflationary pressures, Truss pointed out: \u201cWe\u2019ve experienced significant levels of inflation, we had QE that persisted for far too long, asset price surges\u2026 and the outcome was inflation. We were pre-warned that it was going to be temporary, but it wasn\u2019t, even though the lessons had already been learned.\u201d<\/p>\n

According to Truss, these policy choices\u2014coupled with the absence of accountability\u2014have led to considerable financial pressure on British families.<\/p>\n

McCormack questioned Truss on whether a central bank is genuinely essential. She emphasized that if the UK opts to retain a central bank, it must reform its governance: \u201cThat\u2019s a thought-provoking question. Well, if we do have one, it ought to be answerable. Right now, we\u2019re experiencing the worst of all scenarios\u2014we have an unaccountable central bank<\/a>.\u201d<\/p>\n

Truss critiqued the shift of authority from the Treasury to the Bank of England stemming from former Chancellor Gordon Brown\u2019s decision to enable the bank’s operational independence. She implied that insufficient oversight resulted in policy errors with lasting effects. \u201cWhat Gordon Brown executed in granting it independence\u2026 you can observe the results. We\u2019ve had QE for excessively long\u2026 bolstering exceedingly lax government spending strategies through money printing.\u201d<\/p>\n

Truss clearly indicated she perceives potential risks with an official central bank digital currency. Underlining her main concern, she stated: \u201cI believe they grant the state enormous amounts of power and what we understand is that excessive state power is detrimental\u2026 it also appears to be part of the surveillance State.\u201d<\/p>\n

Her comments resonated with wider apprehensions within the cryptocurrency community, where detractors caution that a CBDC<\/a> could empower governments to scrutinize and direct individual transactions more closely than cash or decentralized cryptocurrencies.<\/p>\n

While reminiscing about her time in government, Truss disclosed that probing into monetary policy matters was discouraged: \u201cWhen I was at the Treasury and attempted to inquire about monetary policy, I was informed it wasn\u2019t our responsibility, it was the purview of the Bank of England<\/a>\u2026 during the leadership contest in 2022 where I highlighted all the policies I intended to pursue, I stated we should reevaluate the Bank of England\u2019s mandate.\u201d<\/p>\n

She asserted that a more extensive discussion on the mandate and accountability of the Bank of England is essential to ensuring stronger monetary policies. According to Truss, the Chancellor of the Exchequer should not hesitate to engage in such discussions, despite opposition from the Bank or accusations of endangering its independence.<\/p>\n

\u201cWhenever an institution justifies its existence by claiming it\u2019s independent, that in my perspective is a warning signal indicating a problem. Therefore, all of this should be addressed: the international monetary system, the independence of central banks, and the role of cryptocurrencies,\u201d Truss commented.<\/p>\n

As of the time of publication, the Bitcoin price stood at $94,079.<\/p>\n

Bitcoin encounters resistance at the 0.236 Fib, 4-hour chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from YouTube \/ Peter McCormack, chart from TradingView.com<\/p>\n<\/p><\/div>\n


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In an discussion with Peter McCormack, the long-time Bitcoin proponent and presenter of a podcast that initially concentrated solely on Bitcoin before branching out to encompass UK politics, former UK Prime Minister Liz Truss articulated her backing for Bitcoin and voiced serious concerns regarding central bank digital currencies (CBDCs). Truss, who had a brief tenure<\/p>\n","protected":false},"author":3,"featured_media":7180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[798,799],"class_list":["post-7179","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-ex-uk-pm-liz-truss-supports-bitcoin","tag-warns-against-cbdcs-gpt"],"yoast_head":"\nFormer UK Prime Minister Liz Truss Champions Bitcoin While Cautioning Against Central Bank Digital Currencies - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/01\/10\/former-uk-prime-minister-liz-truss-champions-bitcoin-while-cautioning-against-central-bank-digital-currencies\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former UK Prime Minister Liz Truss Champions Bitcoin While Cautioning Against Central Bank Digital Currencies - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"In an discussion with Peter McCormack, the long-time Bitcoin proponent and presenter of a podcast that initially concentrated solely on Bitcoin before branching out to encompass UK politics, former UK Prime Minister Liz Truss articulated her backing for Bitcoin and voiced serious concerns regarding central bank digital currencies (CBDCs). 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