The digital pound: Technology Working Paper

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Published: February 7, 2023

This paper accompanies a Consultation Paper on the digital pound and outlines the Bank of England’s emerging thinking on CBDC technology.

Overview

This paper accompanies a Consultation Paper on the digital pound and outlines the Bank of England’s emerging thinking on CBDC technology. It explores technology design considerations which help to form a basis for the Bank’s current thinking on the technology requirements of a UK CBDC, and which will likely have significant impact on the design choices for CBDC. This paper also sets out an illustrative conceptual model, which is based on the platform model of CBDC. It outlines how different components of the conceptual model might operate and how ecosystem participants might interact with these components.

The digital pound: Technology Working Paper (PDF download)

Responses

The Bank is seeking feedback on the questions set out in this paper. This feedback will help to inform our future technology work. We invite responses to this paper from stakeholders and technology experts until 7 June 2023.

Submit your feedback

If you have any questions, please email CBDC@bankofengland.co.uk.

About the Foundation

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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