PayPal, ConsenSys and R3 Join Efforts on UK's CBDC
Main page News, UK, CBDC, Regulations

The Bank of England (BoE) has revealed the membership of the central bank digital currency (CBDC) engagement and technology forums. According to the published list, top managers of Mastercard, PayPal, Google, R3, ConsenSys and other finance & tech giants will help the bank to understand the technological and operational issues with a CBDC.

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The UK's central bank has accelerated the study of a CBDC after British Finance Minister, Rishi Sunak, called it consider launching the country's own "Britcoin", a digital version of sterling. Sunak suggests that the digital currency would help businesses and consumers to sidestep financial intermediaries as their accounts would be stored on the BoE's platform, Sunak said.

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While the ministry already launched a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a CBDC, the BoE has not made any verdict on whether to introduce a CBDC in the UK or not.

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