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After many years where the debate over digital assets has been dominated by names such as Bitcoin, it is interesting to note the Bank of England's recent discussion paper on a central bank digital currency (CBDC) for sterling. This is a welcome start on a subject that is topical globally and could mean significant change for consumers, SMEs, larger corporates and the financial services industry more broadly.
This early engagement paper will draw attention from financial services firms and other international regulatory authorities. It identifies a number of key questions and topics which the industry and regulatory authorities may soon begin to explore, some of which are set out below:
As a nascent topic it is important to note that there are many areas that will need to be investigated further. A CBDC represents a significant evolution of the complex landscape of finance with far reaching consequences across the economy. We are sure many in the UK and globally will be watching with interest as the Bank of England continues to evolve its thinking in this area.
You can view the full paper by using this link:
Mark Sayell, Principal, Liquidity Managers Group, UK Finance
Jonathan Middleton, Principal, Technology and Digital Policy Delivery Coordination, UK Finance