Bank of England Partners With Stakeholders To Gather Input On CBDC

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The Bank of England (BoE) is arranging a pair of third-party groups that will offer their input for the central bank digital currency (CBDC) initiatives.

The UK central bank has already published a list of its partners, which includes notable names from payments and neobank space such as Mastercard, Visa, PayPal, Checkout.com, and Starling.

According to the statement from BoE, there will be an engagement forum from these notable leaders in the industry. The main reason for the forum is to “gather strategic input on policy considerations and functional requirements pertaining to CBDC,” the statement reads.

BoE Wants To Gather Inputs From Stakeholders

Although it’s not clear whether the bank will be pursuing a CBDC, but there are indications it is seriously being considered. The BoE has already partnered with a task force with the HM Treasury with the main goal centred on CBDC.

The apex bank says it wants to gather inputs from stakeholders and companies that will be providing support in the private-sector ecosystem in the future.

In May, Deputy Governor of the BoE, Sir Jon Cunliffe, stated that the bank is considering the possibility of launching a U.K. CBDC. According to him, the aim is to ensure the survival of the “public money” which is being threatened by private competitors. It’s in line with the nation that the future will likely see an increased use of stablecoins.

He explained that the bank decided to engage other stakeholders in the industry to understand the technological challenges of designing, implementing, and operating a CBDC.

BoE takes the launch of a CBDC seriously

The latest announcement shows that the bank is taking its CBDC plans seriously, as the Technology Forum will be gathering intelligence report and resources from experts in the industry to develop its CBDC.

After the research is concluded, BoE will decide whether to launch a CBDC or not. The engagement will also include senior stakeholders from the industry, academia, and civil society.

Principal software engineer at Google, Will Drewry, as well as PayPal’s cryptocurrency Chief Technology Officer, Edwin Aoki, will be joining the forum, as announced by BoE.

Others include Chief Operating Officer of Morgan Stanley, Arun Kohli, Chief Executive Officer of Global Banking and Markets at HSBC, Georges Elhedery, and Chief Product Officer at SWIFT, Stephen Gilderside.

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