The Bank of England (BoE) and Her Majesty's Treasury (HMT) announced membership of the central bank digital currency (CBDC) Engagement and Technology forums. The Technology Forum met for the first time in late September, while the Engagement Forum will have its inaugural meeting later in the year. The creation of these groups was announced in April 2021, along with the CBDC Taskforce which coordinates the exploration of a potential UK CBDC.
The Engagement Forum consists of senior stakeholders from industry, civil society, and academia to gather strategic input on policy considerations and functional requirements pertaining to CBDC. The Forum will have an important role in helping BoE and HM Treasury understand the practical challenges of designing, implementing, and operating a CBDC. Members of the CBDC Engagement Forum encompass leading banks, payment institutions, industry associations and consortia, and the big tech firm Google.
The Technology Forum engages stakeholders and gathers input on all technology aspects of CBDC from a diverse cross-section of expertise and perspectives. The Forum will help BoE to understand the technological challenges of designing, implementing, and operating a CBDC. Members of the CBDC Technology Forum include Barclays, certain entities in the payments, a World Economic Forum representative, and technology firms such as Amazon Web Services, Google, IBM, and Oracle.
Related Link: Notification
Keywords: Europe, UK, Banking, CBDC, Fintech, CBDC Technology Forum, CBDC Engagement Forum, Digital Currency, Regtech, HM Treasury
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