BoE Selects Consensys, R3, eCurrency, Diem Association & Other Banking and Payments Giants to Help with its CBDC
This week, the Bank of England announced the membership of the central bank digital currency (CBDC) Engagement and Technology Forums. The creation of the groups was first announced in April this year alongside the CBDC task force to explore the potential of a UK CBDC. Besides gathering input on all technical aspects and engaging stakeholders, the Technology Forum will help the bank understand the challenges of designing, implementing, and operating a CBDC. The list published by the central bank includes some notable names from the world of payments and financial technology. Members of the Engagement Forum include executives from HSBC, Starling Bank, Morgan Stanley, Standard Chartered Bank, NatWest Group SWIFT, PayUK, Visa, Mastercard, PayPal, Google, Facebook’s Diem Association, and many others. As for Technology Forum, the members are Monzo, Spotify, Stripe, Amazon Web Services, IBM, R3, eCurrency, Consensys, Initiative for Cryptocurrencies and Contracts (IC3), and the Project Lead of Blockchain & Digital Currency at World Economic Forum. The Technology Forum met for the first time in late September, and the Engagement Forum will have its inaugural meeting later in the year, it said.
“The Forum will have an important role in helping the Bank and HM Treasury understand the practical challenges of designing, implementing, and operating a CBDC.”
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