Bank of England and HM Treasury Publish Digital Pound Design Notes, Seeking Public Input
The Bank of England and HM Treasury are intensifying their exploration of a digital pound CBDC. As part of their commitment to transparency, they have published a set of design notes outlining the emerging framework for the digital pound. These notes provide early insights into the Bank’s thinking on key aspects, including technology, regulation, and […]
Transforming RTGS: Bank of England Highlights New Connectivity and Synchronisation Plans
Victoria Cleland, Executive Director for Banking, Payments, and Innovation at the Bank of England, delivered a speech at FinTech Connect on 5 December 2024, outlining the future roadmap for the UK’s Real-Time Gross Settlement (RTGS) service. In her address, she emphasised the Bank’s commitment to enhancing the resilience, accessibility, and functionality of the RTGS system […]
The Bank of England’s New Paper Explores the Role of a CBDC in a Digital Economy
The Bank of England has published a new paper titled “The Role of Central Bank Digital Currency in an Increasingly Digital Economy“. The paper examines the potential benefits and implications of introducing an unremunerated retail central bank digital currency (CBDC) against the backdrop of declining cash usage and growing online transactions in the UK. The […]
Bank of England Governor Signals Potential Role for a Retail CBDC if Commercial Banks Lag on Innovation
In a significant address at the Group of Thirty’s 39th Annual International Banking Seminar in Washington, Bank of England Governor Andrew Bailey stressed the importance of modernising the UK’s payment infrastructure. Bailey highlighted the urgent need for reforms in cross-border and wholesale payment systems, where speed, cost-efficiency, transparency, and access remain pressing issues. He argued […]
Bank of England Addresses Opportunities and Risks of Digital Assets in Recent Speech
In a recent address during Digital Assets Week in London, Sasha Mills of the Bank of England discussed the evolving landscape of digital assets and payments, highlighting both the opportunities and risks these innovations present in achieving the Bank’s monetary and financial stability objectives. Mills expressed her enthusiasm for participating in the event, emphasising the […]
Bank of England Releases New Paper on Innovation in Money and Payments
The Bank of England has published a discussion paper entitled “The Bank of England’s Approach to Innovation in Money and Payments,” which outlines its strategy for adapting to technological changes in the financial landscape. This paper addresses the opportunities and risks associated with innovations in money and payments, aiming to maintain trust and confidence in […]
Bank of England Publishes Response on Digital Pound, Committing to User Privacy and Control Over Funds
In a significant development regarding the UK’s monetary system, the Bank of England and His Majesty’s Treasury have been engaging in a comprehensive consultation on the introduction of a ‘digital Pound’. This proposed Central Bank Digital Currency (CBDC) is envisioned as a new form of digital money, intended for everyday transactions by households and businesses. […]
UK to Introduce New Regulatory Framework for Stablecoin-Based Payment Systems
The Bank of England has released a detailed discussion paper focusing on the integration of these digital assets into the country’s financial system, underscoring the critical nature of public confidence in money as a cornerstone of economic and financial stability. This initiative comes at a time when two predominant forms of money circulate in the […]
The shape of things to come: innovation in payments and money − speech by Sir Jon Cunliffe
Source: Bank of England Given at Innovate Finance Global Summit, London. In his speech, Jon Cunliffe looks at four areas where the tokenisation of money is now being explored. The first is stablecoins used for payments, the second is the tokenisation of commercial bank deposits, the third is the next stage of the Bank of […]
Minutes of the CBDC Engagement Forum – March 2023
Source: Bank of England Item 1: Welcome Co-chairs Gwyneth Nurse and Jon Cunliffe welcomed Members to the fifth meeting of the CBDC Engagement Forum. Item 2: The digital pound Consultation Paper The Bank of England and HM Treasury presented a summary of the Consultation Paper and the accompanying Technology Working Paper, published on 7 February […]
