Executives from Visa, PayPal and Google to help UK authorities study CBDC
The Bank of England and Her Majesty's Treasury have announced participants in forums to explore technological and other aspects of central bank digital currency (CBDC). They include representatives from Visa, Mastercard, SWIFT, PayPal, Google and other companies and institutions.
The Engagement Forum aims to help the central bank and the finance ministry understand the challenges involved in developing, implementing and operating CBDC.
The Engagement Forum has brought together stakeholder leaders from industry, civil society and academia to gather strategic inputs on policy considerations and functional requirements relating to CBDC, the statement said.
The second group, Technology Forum, focuses on the technology side of creating and operating a digital currency. It held its first meeting in September.
The two forums were announced by the Bank of England and Her Majesty's Treasury in April 2021, along with a statement on the formation of the CBDC working group.
As a reminder, in November 2020, the authorities announced research into the nation's digital currency.
In September 2021, the House of Lords Economic Affairs Committee began studying CBDC.