Home Blockchain Bank of England Joins Key Roundtable on Central Bank Digital Currency Design

Bank of England Joins Key Roundtable on Central Bank Digital Currency Design



Bank of England Joins Key Roundtable on Central Bank Digital

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 can benefit various models for CBDCs. This includes the use of smart contracts — e.g., as with designs for “programmable money” — and models for interoperable blockchain networks both within and beyond national borders.

Guo said that as long as CBDCs remain in their early phases of conception, “now is the time to debate the advantages and disadvantages of infrastructural ideas, especially related to how these instruments will interact and operate with each other.” 

Each central bank delegate — the BoE’s Simon Scorer, Magyar Nemzeti Bank’s chief digital officer Anko Szombati, ING’s blockchain team IT specialist Cees Van Wijk, and Swiss National Bank governing board member Thomas Moser — will present their institution’s findings from internal CBDC research. 

As the OMFIF notes, private sector pressure from the likes of Facebook has spurred an estimated 80% of the world’s central banks to look seriously into CBDC issuance and to assess the various infrastructural possibilities, including blockchain, for CBDC networks.

In March 2020, the BoE issued an in-depth discussion paper devoted to CBDCs, which analyzed the rapidly changing payments landscape and the potential role for CBDCs to support the bank’s task of managing monetary and financial stability. The paper included an appeal for comments on the BoE’s conceptual “platform” model for a potential CBDC. 

Shortly before he assumed the role of BoE governor this year, Andrew Bailey expressed his skepticism about private, decentralized cryptocurrencies such as Bitcoin (BTC), warning investors they had better be “prepared to lose” all their money if they choose to hold the asset.

Bailey has toed a positive line toward CBDCs, noting this July that the BoE will continue to look seriously at the question of whether or not to issue a digital currency, “as it does have huge implications on the nature of payments and society.”



Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
473FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,577FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.28
CHF
1.08
NOK
0.11
JPY
0.01
CAD
0.75
AUD
0.71

Most Popular

Cardano Announces More Upgrades, but ADA Looks Ready to Take Shelter

Key Takeaways Cardano is up more than 40% over the past week following new developments around the upcoming Goguen era. Despite the hype around ADA,...

House Ag Committee leader talks new bills to treat more cryptos like commodities

Two bills introduced last week looked to solidify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission — respectively...

Mark Cuban Wants an Expiration Date on Stimulus Checks: Critics Says Proposal Is Right out of a Banana Republic Playbook

U.S. billionaire Mark Cuban wants the next stimulus check to come with an expiration date in order to force Americans to spend...

Stellar Dev Digest: Issue #61. Protocol 14 preparation, a roundtable… | by Kolten | Stellar Community | Sep, 2020

This week I’m featuring DTransfer — a service for direct and decentralized payments for instant transfers. DTransfer was formerly known as SatoshiPay B2B.Announced...
bitcoin
Bitcoin (BTC) $ 10,883.06
ethereum
Ethereum (ETH) $ 363.74
ripple
XRP (XRP) $ 0.245675
tether
Tether (USDT) $ 0.999844
bitcoin-cash
Bitcoin Cash (BCH) $ 229.80
bitcoin-cash-sv
Bitcoin SV (BSV) $ 172.81
litecoin
Litecoin (LTC) $ 46.28
eos
EOS (EOS) $ 2.60
binancecoin
Binance Coin (BNB) $ 27.61
okb
OKB (OKB) $ 6.15
tezos
Tezos (XTZ) $ 2.31
leo-token
LEO Token (LEO) $ 1.25
cardano
Cardano (ADA) $ 0.103197
monero
Monero (XMR) $ 97.91
stellar
Stellar (XLM) $ 0.075196
chainlink
Chainlink (LINK) $ 10.66
huobi-token
Huobi Token (HT) $ 4.60
tron
TRON (TRX) $ 0.026848
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 68.94
neo
NEO (NEO) $ 20.51
iota
IOTA (MIOTA) $ 0.277888
nem
NEM (XEM) $ 0.120123
zcash
Zcash (ZEC) $ 56.52
maker
Maker (MKR) $ 525.46
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.53
vechain
VeChain (VET) $ 0.013229
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.68
kucoin-shares
KuCoin Shares (KCS) $ 0.880980
waves
Waves (WAVES) $ 2.50