As per BoE, the intention behind establishing the engagement forum is to accumulate relevant information and data related to the policy formation and functional requirements for its CBDC initiative.
In an announcement made on Wednesday, the Bank of England has disclosed the names of the forum members that will assist the bank in exploring its new CBDC venture. The forums primarily divided into two departments will foresee engagement and technological aspects of this new undertaking. The Bank has also stated that it will be publishing the minutes and agendas discussed in the meetings on a regular basis to keep track of all associated information.
Bank of England Makes New Statement on CBDC
The central bank in their announcement has highlighted the names of some prominent companies that will assist BoE in carrying out its CBDC pursuit systematically. The list includes organizations such as PayPal, Monzo, ConsenSys, Checkout.com, R3, Visa, and Starling among others. There are also companies related to the crypto space that will assist the bank in the said endeavor.
As per BoE, the intention behind establishing the engagement forum is to accumulate relevant information and data related to the policy formation and functional requirements of its CBDC undertaking. Similarly, the purpose behind creating the second forum that will cater to the technological aspect is to assist the bank in understanding the challenges encountered in the designing, implementation, and operating units of CBDC.
However it is still unsure whether the bank will continue to pursue the CBDC venture, but the recent developments in terms of staff statements and papers have given a serious indication that the particular matter is indeed being evaluated with extreme care and attention.
In simple terms, these forums created will serve as a way for the BoE to accumulate relevant information from companies and stakeholders and scale their operations in a way that might serve as a private sector ecosystem for them in the future with all sorts of essentials and support included in it. BoE had already concluded their meeting with the technological forum earlier this month, while another meeting scheduled with the engagement forum is said to be conducted later this year.
Sir John Cunliffe, deputy governor of the BoE for stability, in a statement given in May, commented that “it is highly possible” for the bank to launch a UK CBDC sometime soon. He also stated that it will be launched in connection with the idea of promoting the survival of public money in a world full of private competitors, and also encourage the use of stablecoins among the masses.