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
Previous ArticleJFSA Consults on Rules in Final Basel Package and on LIBOR Cessation
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.