The Bank of England is continuing to devote significant resources to researching digital money in both private and public forms. With an eye on both the domestic and international context, the central bank’s latest discussion paper, published June 7, outlines the role and possible developments of both in the ongoing evolution of money. Commenting on the paper’s publication, BoE governor Andrew Bailey said that “the prospect of stablecoins as a means of payment and the emerging propositions of CBDC have generated a host of issues that central banks, governments, and society as a whole, need to carefully consider and address. …
At the 2nd Bund Summit held on Oct. 25, Bank of England fintech director Tom Mutton stated that while a central bank digital currency, or CBDC, was “a focus” for the Bank of England, the position the bank had taken this past March hadn’t changed. “We haven’t made any decision on whether or not to launch a retail CBDC,” said Mutton. “But we are exploring the pros and cons with interest.” Specifically, the BoE exec stated the central bank was looking into payment options for people in the U.K. who were affected by the COVID crisis “to deliver safe, efficient …
The Bank of England will take part in a key meeting tomorrow to discuss central bank digital currencies (CBDCs) and their possible infrastructural designs. Hosted by global central banking think tank, the Official Monetary and Financial Institutions Forum (OMFIF), on Aug. 19, the roundtable will involve the BoE’s senior fintech specialist, Simon Scorer, alongside delegates from the Swiss National Bank, ING Nederland and the Hungarian National Bank (Magyar Nemzeti Bank). The CEO of enterprise-focused blockchain platform Cypherium, Sky Guo, will also join the discussion. A key focus of the meeting will be to tackle the ways in which blockchain technology …
The Bank of England and the U.K. finance ministry are planning to launch a consultation on the possible rollout of a central bank digital currency starting in 2022. In a Nov. 9 statement, the Bank of England said the digital pound consultation with HM Treasury would consider design features, benefits and implications for users and business, as well as other relevant issues. The results of the 2022 consultation will determine whether U.K. authorities intend to move forward with a central bank digital currency, or CBDC. “If the results of this ‘development’ phase conclude that the case for CBDC is made, …
The United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet as the Bank of England (BoE) doesn’t have enough expertise at the moment, according to a deputy governor. There is more than a 50% chance that the central bank of the United Kingdom would issue a CBDC, but the regulator doesn’t have the technical skills to issue a digital currency yet, BoE deputy governor Jon Cunliffe declared at the Treasury select committee hearing on Feb. 28. Cunliffe said that the BoE expects to get the necessary expertise to move forward with the CBDC development …