HMT and BoE Decide to Explore Central Bank Digital Currency in UK
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
Related Links
Keywords: Europe, UK, Banking, Securities, CBDC, CBDC Taskforce, Fintech, Digital Currency, Regtech, HM Treasury, BoE
Previous Article
EC Sets Out Standards for MREL Reporting by Competent AuthoritiesRelated Articles
EC Regulation Sets Out Standards for Reporting and Disclosure of MREL
EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).
APRA Decides to Standardize Submission Date for Quarterly Reporting
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
ECB Working Group Publishes Recommendations on EURIBOR Fallbacks
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
Bundesbank Publishes Supporting Documentation for Reporting by Banks
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
EBA Publishes Phase 1 of Reporting Framework 3.1
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
APRA to Finalize Capital Adequacy Standard Revisions by January 2022
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA Issues Guidelines on Outsourcing to Cloud Service Providers
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA Publishes Data on Deposit Guarantee Schemes
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI Sets Out Plan for Future Guidance on Managing Technology Risk
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance
MAS updated rules for new housing loans by banks and finance companies.
