The Bank of England is stepping up research on central bank digital currency (CBDC) through a long list of banking and financial experts.
On September 29, the Bank of England announced its membership in the CBDC Sharing and Technology Forums, which includes some of the big tech and finance companies including Google, Mastercard, Consensys and even Spotify.
This week’s announcement is a sign that the central bank is serious about the central bank’s currency plans. He stated that the technology forum draws on the resources of leading experts in the field of digital payments and cryptocurrency.
“The Forum will help the Bank understand the technological challenges of developing, implementing and operating CBDCs.”
The forum brings together “prominent stakeholders from industry, civil society and academia” to help the Bank and Treasury “understand the practical challenges of developing, implementing and operating a central bank digital currency.”
Technical experts include Edwin Aoki, director of blockchain technology at PayPal and CTO for cryptocurrency. He was joined by Will Drury, Senior Software Engineer at Google, as well as CBDC and Chief Payments Officer Mathieu Saint-Olive of Ethereum software solutions company ConsenSys.
The tech forum also includes executives and payment experts from Amazon Web Services, MasterCard, Visa, Stripe, IMB, R3, and the Spotify music streaming platform.
The Engagement Forum is made up of bank executives and business experts, including HSBC, Global Banking and Markets Co-CEO, George El Hadiri, Morgan Stanley COO Arun Kohli, and Stephen Gilderdale, SWIFT Chief Product Officer for Interbank Communications.
Related Topics: The UK Treasury Secretary has listed the Central Bank of Commerce on the Treasury’s economic reforms list.
The Bank of England began investigating central bank digital currencies in November 2020, Cointelegraph reports. In April, the central bank published a list of vacancies related to CBDC research and development.
However, the cryptocurrency remains skeptical: Bank of England Governor Andrew Bailey warned of the risks of trading cryptocurrencies in May and advised investors to “only buy them if you are willing to lose all your money.”