UK’s Central bank will do serious research on CBDCs

The Central Bank of the United Kingdom indicated that they will do deep research on the central Bank Digital Currency & blockchain technology in collaboration with high fintech firms. 

In the present time almost all the countries’ Central banks are aware about the crypto & blockchain technology. And every central bank plans to bring their own blockchain based central bank digital currency to advance their financial infrastructure. Recently the Central Bank of Bhutan partnered with the Ripple firm to boost their financial institutions’ payment system and integrate the economy with other countries.

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The Bank of England announced on 29 September that they will do research in Central Bank Digital Currency (CBDCs). Through the announcement Bank said that they are in membership of its CBDC Engagement and Technology Forums. 

Through the Technology Forum, they will utilize the resources of fintech firms.

Big fintech firms Google, Mastercard, Consensys & Spotify will help the Central Bank of England to engage in the research and development of CBDCs. 

“The Forum will help the bank to understand the technological challenges of designing, implementing and operating a CBDC.”

Technology expert Edwin Aoki, blockchain and cryptocurrency Chief Technology Officer of PayPal and Will Drewry, Principal Software Engineer at Google, will join this CBDCs engagement program with Bank of England. 

Matthieu Saint Olive, who is a payment manager at Ethereum software solutions ConsenSys, will also give a contribution in this program to help the Bank of England. 

Engagement forum of Bank of England CBDCs will include banking executives and business experts of the high profile platforms like HSBC, interbank communication standard SWIFT. 

It is worth noting that the Bank of England started to do research in the CBDCs since November 2020. While the Bank of England was hiring CBDCs developer and research in April. 

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