Bank of England to Get Ideas from Leading Names for Digital Currency

The Bank of England (BoE) will act together with the pioneers of its sector in its work for digital central bank money (CBDC).

Established to advance the work of digital central bank money and participation forum with technology forum divided into two working groups; It hosts the leading names of sectors such as finance, technology, blockchain and the academy world.

There are representatives from organizations such as HSBC, Morgan Stanley, SWIFT, PayPal, Google, Diem Association, Cambridge University, Mastercard, IBM, World Economic Forum, Spotify in both working groups.

The BoE and the Ministry of Finance will work with those present in the engagement forum to learn about the CBDC “on the policy issues and (its) functional requirements” and to understand the practical challenges that the CBDC will pose in terms of “design, implementation and operation”.

Representatives in the other forum will evaluate the CBDC’s technological challenges.

Considering that digital central bank currencies can bring both new “opportunities” and new “challenges”, the Central Bank has not yet made a final decision on whether to implement its national digital currency.


Image: Bank of England, (Fred Romero, image modified by Coin Bulletin)

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