Home News Bank of England announced membership of CBDC Forums

Bank of England announced membership of CBDC Forums


The Bank of England and Her Majesty’s Treasury (HM Treasury) announced the participants of the forums on the study of technological and other aspects of the central bank’s digital currency (CBDC). Among them are representatives of Amazon, Visa, Mastercard, SWIFT, PayPal, Google and other companies and institutions.

Thus, the Engagement Forum will help the central bank and HM Treasury in understanding the problems associated with the development, implementation and operation of CBDC.

“The Engagement Forum included stakeholder leaders from the industry, civil society and academia to gather strategic input on policy considerations and functional requirements related to CBDC,” the statement said.

The creation and functioning of digital currency

The Technology Forum focuses on the technological aspects of the creation and functioning of digital currency. The forum will hold its first meeting in late September.

The Engagement Forum will have its inaugural meeting later this year.

The creation of these two forums was announced by the Bank of England and Her Majesty’s Treasury in April 2021. Along with a statement on the formation of a working group on CBDC. Chancellor of the Exchequer Rishi Sunak said that thanks to the digital British pound. Financial Services in the country can become more transparent, accessible and efficient.

Learning about CBDC

Recall that in November 2020, the UK authorities announced research in the field of national digital currency. The task of the group is to consider options for using digital currency and risks. Experts will also monitor the development of the asset in other countries so that the UK “remains at the forefront of global innovation”. According to the report, in case of an issue, CBDC will not replace cash, but only supplement it.

Previously, in September 2021, the Economic Affairs Committee began to study the CBDC. Stakeholders were asked to answer ten questions. Including providing opinions on the risks and benefits of CBDC, as well as tracking and privacy issues. The deadline for submitting responses is October 15, 2021.

In addition, according to the survey of Redfield & Wilton Strategies, only 24% of Britons supported the introduction of the digital pound. Moreover, the greatest concern among citizens is the threat of hacker attacks and violation of privacy.

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