The Making of a Digital Pound: Exploring the Creation of a UK CBDC | Poundcast Episode 7

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Published: March 1, 2023

In episode 7, our host Jannah Patchay, Policy Lead at the Digital Pound Foundation is in conversation with Varun Paul, Central Bank Digital Currency and Market Infrastructure Director of Fireblocks. They discuss private sector objections to retail Central Bank Digital Currency – how does the recent Bank of England and HM Treasury consultation address these as regards the UK? They also look at non-interest bearing – and its limits – how will this address concerns of outflows from commercial bank deposits. They also ask how will a digital Pound support private sector innovation and how might such a currency be designed?

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Whilst most CBDC experiments have involved private sector technology providers, the overwhelming majority of these experiments, to date, have not involved participation from other private sector actors. The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.

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