The executives at PayPal and Google will help the Bank of England learn more about and better understand crypto as we read more on our latest crypto news.
The Bank of England has started research into a central bank digital currency and announced members of two forums that will help the bank learn how CBDCs can help the UK and will learn from the help of the executives at PayPal and Google. The Bank of England has announced that members of two forums will learn more about a key UK digital currency. A CBDC is a digital version of a fiat currency such as pounds and euros or dollars that is backed by a central bank. Countries around the world are currently studying the benefits of their development, so some countries like China have already implemented experimental CBDC project strategies.
So far, the UK has been slow to create central bank digital currencies and has only published research on one such asset class. However, today’s announcement suggests that the Bank of England is consulting a number of technology experts. The forum will provide research feedback on how a CBDC could work in the UK. They will also help the bank understand the technology challenges of CBDC design, operations, and implementation, as stated in the announcement.
Members of the CBDC Engagement Forum and the CBDC Tech Forum include Edwin Aoki, CTO at PayPal, Matthieu Saint Olive, CBDC Payment Manager at Consensys, and Ashley Lannquist, Blockchain and Digital Currency Leader Number at the World Economic Forum. Other members include Mark Shaw, Director of Global Payments Strategy at Spotify, Charlotte Hogg, Chief Executive Officer of Visa Europe, and Diana Layfield, President of EMEA Partnerships at Google. The two forums joined forces in April to see if CBDCs were moving to the UK.
Bank of England head Andrew Bailey has said several times that he does not see decentralized digital assets like BTC as money, but that assets pegged to fiat currencies can become a very important part of the future financial landscape.
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