Designing interoperability for a potential UK CBDC

Continuing our series of reports on how a UK retail central bank digital currency (CBDC) could be launched by the Bank of England and HM Treasury, this second report looks at what interoperability could mean for this new form of money.

The ability for CBDCs to remain interoperable with other forms of GBP is paramount. This paper assess both the way in which systems and processes may need to be designed to ensure that a CBDC continues to support the integrity of GBP. We see this as an essential requirement for the Bank and HMT’s consideration of the potential benefit to the UK economy of introducing a retail CBDC.

To accomplish this, the ability for CBDCs to remain interoperable with other forms of GBP is paramount. This paper assesses the way in which both systems and processes may need to be designed to ensure that a CBDC continues to support the integrity of GBP for the benefit of the UK economy.

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