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    HMT and BoE Decide to Explore Central Bank Digital Currency in UK

    April 19, 2021

    HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK. Additionally, BoE announced that it will establish a CBDC Unit to lead its internal exploration around CBDC, along with its external engagement on CBDC, including with the other UK and international authorities. BoE also announced the creation of a CBDC Engagement Forum to engage senior stakeholders and gather strategic input on non-technology aspects of CBDC as well as the creation of a CBDC Technology Forum to engage stakeholders and gather input on technology aspects of CBDC.

    The CBDC Taskforce of HM Treasury and BoE will ensure a strategic approach and promote close coordination among the UK authorities as they explore development of a digital currency. The Taskforce will be co-chaired by Jon Cunliffe, the BoE Deputy Governor, and Katharine Braddick, the HM Treasury Director General of Financial Services. The Taskforce aims to ensure that a strategic approach is adopted between the UK authorities as they explore CBDC and it will:

    • Coordinate exploration of the objectives, use cases, opportunities, and risks of a potential UK CBDC
    • Guide evaluation of the design features a CBDC must display to achieve the desired goals
    • Support a rigorous, coherent, and comprehensive assessment of the overall case for a UK CBDC
    • Monitor international CBDC developments to ensure the UK remains at the forefront of global innovation

     

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    Keywords: Europe, UK, Banking, Securities, CBDC, CBDC Taskforce, Fintech, Digital Currency, Regtech, HM Treasury, BoE

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