Three considerations for design of the digital pound
The Bank of England is currently in the design phase for a potential UK retail central bank digital currency: the digital pound.
Digital PoundCboe Clear Europe, the largest pan-European clearing house, has successfully participated in the Eurosystems recent exploratory work testing the use of new technologies for the settlement of wholesale transactions in central bank money. The experiments specifically aim to explore the potential of distributed ledger technology (DLT).
CBDCThe Bank of England is currently in the design phase for a potential UK retail central bank digital currency: the digital pound.
Digital PoundUK Finance and its member banks have successfully completed the experimental phase of a tokenisation and CBDC platform.
CBDCBarclays, Citi UK, HSBC and Natwest participated in the Regulated Liability Network test.
CBDCBarclays published a paper exploring options for various digital pound functionality. It concludes an FMI should be responsible.
CBDC Central Bank Digital Currency Digital PoundAfter the real-time gross settlement crash in July, the BOE is looking for a solution to update the network, proposing synchronization for the revamp while considering wCBDCs as an alternative to the current system.
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