Keynote speech: TheCityUK National Conference 2024
Date: November 29, 2024
The Economic Secretary delivered the keynote speech at TheCityUK’s National Conference, setting out the government’s plans to place the financial services sector at the heart of the growth mission.
Keynote address at the Tokenisation Summit: UK government approach to tokenisation and regulation
Date: November 25, 2024
Outlining initiatives the UK government is taking forward in the digital asset ecosystem e.g., the Digital Securities Sandbox and the government’s wider cryptoasset strategy.
New bill introduced in Parliament to clarify crypto’s legal status
Date: September 11, 2024
Tech-savvy owners of Bitcoin and other digital assets will benefit from greater legal protection thanks to an important clarification to the law.
Minutes of the CBDC Technology Forum – July 2024
Date: August 2, 2024
Date of meeting: 16 July 2024. Tom Mutton (Chair) welcomed Members to the thirteenth meeting of the CBDC Technology Forum. The Chair stated that the Technology Forum was important to the Bank, and they were grateful for Members’ hard work in the subgroups which had been established to explore technology considerations relevant to the digital pound architecture. The Chair noted the agenda for the meeting would comprise a presentation from the Bank on recommendations made by the subgroups. This meeting was an opportunity to bring together work from the subgroups.
Minutes of the CBDC Technology Forum – 22 May 2024
Date: August 2, 2024
Date of meeting: 22 May 2024. Tom Mutton (Chair) welcomed Members to the twelfth meeting of the CBDC Technology Forum. The Chair informed Members that the Bank of England published a report on their digital pound point-of-sale experiment on 16 May. The Chair noted that the experiment demonstrated that existing point-of-sale terminals in the UK could be used to make digital pound payments. The agenda included guidelines for publishing subgroup materials and presentations from two of the four subgroups exploring the digital pound architecture.
Minutes of the CBDC Technology Forum – 14 May 2024
Date: August 2, 2024
Date of meeting: 14 May 2024. Tom Mutton (Chair) welcomed Members to the eleventh meeting of the CBDC Technology Forum. The Chair noted the agenda would include final presentations from Subgroups 1 and 4, which were tasked with exploring technology options to ensure privacy in a digital pound and the design of the alias service. Members presented their findings and conclusions.
Point-of-sale proof of concept
Date: May 16, 2024
As part of the design phase for a digital pound, the Bank of England conducted experiments and proofs of concept (PoC) with private-sector innovators and stakeholders. The purpose was to assess the feasibility of using existing point-of-sale (POS) hardware to initiate digital pound payments. While the Bank did not build a digital pound infrastructure, the experiment demonstrated technical feasibility.
UK and Singapore strengthen collaboration in sustainable finance and FinTech
Date: May 8, 2024
First published during the 2022 to 2024 Sunak Conservative government.
Minutes of the CBDC Academic Advisory Group - March 2024
Date: April 8, 2024
Date: 19 March 2024. Neeraj Patel (co-chair, HM Treasury) welcomed members to the first meeting of the CBDC Academic Advisory Group. Members presented on topics including the role of central banks in maintaining financial and monetary stability and the regulatory framework for the digital pound. Discussions included financial inclusion as a policy driver and the role of Payment Interface Providers (PIPs).
Minutes of the CBDC Technology Forum - February 2024
Date: April 4, 2024
Date of meeting: 8 February 2024. Tom Mutton (Chair) welcomed Members to the tenth meeting of the CBDC Technology Forum. The Chair noted the agenda included presentations from Subgroups 2 and 3 exploring the models of interaction between Payment Interface Providers (PIPs) and potential use cases for the digital pound.
Minutes of the CBDC Technology Forum - January 2024
Date: April 4, 2024
Date of meeting: 30 January 2024. Tom Mutton (Chair) welcomed Members to the ninth meeting of the CBDC Technology Forum. The agenda included presentations from Subgroups 1 and 4 on their progress in exploring design options for the digital pound architecture. The Chair also discussed published summaries of responses to the Consultation and Technology Working Papers.
Minutes of the CBDC Engagement Forum - January 2024
Date: March 1, 2024
Date: 17 January 2024. Co-chairs Gwyneth Nurse and Sarah Breeden welcomed Members to the sixth meeting of the CBDC Engagement Forum. Members discussed the aims and objectives of working groups and their role in providing expertise on topics like the digital pound. The Forum included initial views on scopes and plans for the two industry-led working groups.
Response to the digital pound Technology Working Paper
Date: January 25, 2024
In February 2023, the Bank of England (the Bank) and His Majesty’s Treasury (HM Treasury) published a Consultation Paper on the digital pound. The paper explained that the Bank and HM Treasury judged it likely that a digital pound would be needed in the future. This summary includes key responses and feedback received, which have been used to shape the work plan for the design phase.
Response to the Bank of England and HM Treasury Consultation Paper – The digital pound: A new form of money for households and businesses?
Date: January 25, 2024
Money is central to our daily lives and the economy. This Consultation Paper discusses a UK retail central bank digital currency (CBDC) known as the digital pound. It highlights the government and Bank of England’s commitment to ensure innovation in digital payments and finance. While not replacing existing forms of money, the digital pound aims to provide secure and modern payment options.
Bank of England and HM Treasury respond to digital pound consultation
Date: January 25, 2024
The Bank of England and HM Treasury published their response to the digital pound consultation launched in February 2023. The response explores feasibility, potential design choices, and feedback from various industries. While no final decision has been made, the design phase will focus on the digital pound’s impact on innovation, privacy, and financial stability.
Minutes of the CBDC Technology Forum - October 2023
Date: January 4, 2024
Date of meeting: 13 October 2023. Tom Mutton (Chair) welcomed Members to the eighth meeting of the CBDC Technology Forum. Discussions included responses to the Consultation Paper and Technology Working Paper on the digital pound. The Chair announced the appointment of Danny Russell as Head of Digital Currency Technology.
Joint Statement from the UK-Japan Financial Dialogue and Financial Regulatory Forum
Date: November 27, 2023
The UK and Japan recently held a joint Financial Dialogue and Financial Regulatory Forum, aiming to enhance cooperation in the financial sector. The event provided an opportunity for both countries to discuss various issues related to financial services, including regulatory frameworks and market developments. Both parties expressed their commitment to promoting open and transparent financial markets, as well as ensuring the stability and resilience of the global financial system. The dialogue also emphasized the importance of maintaining close bilateral ties in the post-Brexit era, with both countries reaffirming their intention to deepen cooperation in areas such as fintech and sustainable finance.
Future of Payments Review 2023: Trends, Challenges, and Innovations
Date: November 22, 2023
The Future of Payments Review, led by Joe Garner, has released a report outlining the necessary measures to establish the UK as a global leader in retail payments. The review emphasizes the importance of implementing key strategies to ensure the successful delivery of world-class payment solutions. It highlights the need for collaboration between industry stakeholders, regulators, and government bodies to create an innovative and secure payments ecosystem. The report also emphasizes the significance of investing in cutting-edge technology and infrastructure to support seamless and efficient payment transactions. Overall, the Future of Payments Review provides valuable insights into the steps required to achieve excellence in retail payments in the UK.
Mapping the Future: Regulatory Prospects for Cryptoassets in Financial Services
Date: October 30, 2023
The UK government has released a consultation document outlining its plans for the regulation of cryptoassets within the country’s financial services regime. This marks an important milestone in the UK’s approach to regulating this rapidly evolving sector. The document presents a phased approach to ensure that the regulatory framework keeps pace with the development of cryptoassets and their associated risks. It seeks input from industry experts and stakeholders to help shape the final regulations. This consultation demonstrates the UK government’s commitment to fostering innovation while also safeguarding consumers and maintaining the integrity of the financial system.
Addressing Systemic Risks: Strategies for Managing the Failure of Digital Settlement Asset Firms, Including Stablecoins
Date: October 30, 2023
We are presenting our proposed amendments to the Financial Market Infrastructure Special Administration Regime, which aim to effectively handle the potential collapse of a systemic digital settlement asset firm. These amendments are designed to provide a comprehensive framework for managing such a failure in the financial market. By implementing these changes, we aim to ensure the stability and resilience of the financial system in the face of potential disruptions caused by the failure of a digital settlement asset firm. Our proposed amendments will offer detailed guidelines and procedures to effectively navigate and mitigate the impact of such a failure, safeguarding the interests of all stakeholders involved.
Regulatory Roadmap: Latest Developments in the Regulation of Fiat-Backed Stablecoins
Date: October 30, 2023
The government has issued an update on its policy regarding the regulation of fiat-backed stablecoins. This document aims to provide information on the government’s stance and approach towards these types of digital currencies. Stablecoins, which are cryptocurrencies pegged to the value of a traditional currency like the US dollar, have gained popularity in recent years. However, concerns have been raised regarding their potential impact on financial stability and consumer protection. The government’s policy seeks to address these concerns and establish a regulatory framework that ensures the proper functioning and oversight of fiat-backed stablecoins.
Money and payments: a ‘black ships’ moment? - speech by Jon Cunliffe
Date: October 26, 2023
Jon Cunliffe highlights the impact of Facebook’s 2019 Libra announcement, likened to the historic ‘black ships’ moment in Japan. The speech discusses the growing urgency among central banks and regulators to address risks and opportunities in the crypto-asset space, ensuring financial stability and consumer protection.
Factsheets on the Economic Crime and Corporate Transparency Bill 2022
Date: October 26, 2023
The Economic Crime and Corporate Transparency Bill includes various measures aimed at addressing economic crime and promoting corporate transparency. These measures are outlined in factsheets that provide detailed information on each aspect of the bill.
EU-UK Financial Regulatory Forum: Joint Statement – October 2023
Date: October 23, 2023
The HM Treasury and European Commission have issued a joint statement regarding the first EU-UK Financial Regulatory Forum. This forum aims to facilitate cooperation and dialogue on financial regulatory matters between the European Union and the United Kingdom. It will provide a platform for both parties to discuss and exchange views on various aspects of financial regulation, including areas such as banking, insurance, and securities. The joint statement emphasizes the importance of maintaining strong regulatory cooperation between the EU and the UK, as well as the need to ensure financial stability and market integrity. Both sides are committed to ongoing collaboration and will work towards establishing a durable and stable relationship in the field of financial regulation.
Minutes of the CBDC Engagement Forum - September 2023
Date: October 20, 2023
Date: 18 September 2023. Co-chairs Gwyneth Nurse and Jon Cunliffe welcomed Members to the sixth meeting of the CBDC Engagement Forum. Discussions focused on the opportunities and challenges of the digital pound, including its potential impact on financial innovation and market access.
Joint Statement from the UK-U.S. Financial Regulatory Working Group Meeting
Date: September 29, 2023
The HM Treasury and US Treasury have released a joint statement regarding the eighth official meeting of the UK-US Financial Regulatory Working Group. This working group serves as a platform for both countries to collaborate and discuss financial regulatory matters. The statement highlights the productive discussions held during the meeting, focusing on areas such as financial innovation, market access, and regulatory cooperation. Both parties expressed their commitment to deepening the bilateral relationship and enhancing regulatory cooperation in order to promote economic growth and stability. The joint statement reflects the ongoing efforts of the UK and US to strengthen their financial regulatory frameworks and foster closer ties in the financial sector.
Joint Statement from the 12th UK-India Economic and Financial Dialogue
Date: September 11, 2023
On September 11, 2023, the 12th UK-India Economic and Financial Dialogue took place in New Delhi, India. The dialogue was attended by Chancellor Jeremy Hunt from the UK and Indian Finance Minister Nirmala Sitharaman. The purpose of the meeting was to discuss economic and financial matters between the two countries. The dialogue aimed to strengthen the bilateral relationship and explore opportunities for collaboration in various sectors. Both parties expressed their commitment to deepening economic ties and promoting trade and investment between the UK and India. The meeting was seen as a positive step towards further enhancing the economic partnership between the two nations.
Minutes of the CBDC Technology Forum - July 2023
Date: August 31, 2023
Tom Mutton (Chair) welcomed Members to the seventh meeting of the CBDC Technology Forum. Discussions included the start of the digital pound’s design phase, which involves experiments and developing a detailed blueprint. Applications for the Technology Forum re-opened to welcome new members.
Enabling innovation through a digital pound
Date: August 24, 2023
The Bank of England explores the role of the digital pound in promoting innovation, choice, and efficiency in payments. The paper discusses how the digital pound could provide public access to retail central bank money and foster economic growth in an increasingly digital economy.
Strengthening Collaboration: UK and Singapore’s Joint Efforts in Sustainable Finance and FinTech
Date: July 27, 2023
The HM Treasury and the Monetary Authority of Singapore have released a joint statement regarding the eighth meeting of the UK-Singapore Financial Dialogue. This dialogue serves as a platform for both countries to discuss and enhance cooperation in the financial sector. The statement highlights the productive discussions held during the meeting, focusing on various areas such as sustainable finance, fintech collaboration, and digital currencies. Both parties expressed their commitment to deepening financial ties and strengthening regulatory frameworks. They also recognized the importance of international cooperation in addressing global challenges and promoting financial stability. Overall, the joint statement reflects the positive outcomes of the UK-Singapore Financial Dialogue and the shared commitment to further strengthen bilateral financial cooperation.
HM Treasury Annual Report and Accounts for the Fiscal Year 2022-2023
Date: July 20, 2023
HM Treasury has released its annual report and accounts for the fiscal year 2022-2023. The report provides a comprehensive overview of the Treasury’s activities and financial performance during this period. It includes details on the government’s revenue and expenditure, highlighting key areas of focus and priorities. The report also outlines the Treasury’s efforts in managing public finances, promoting economic growth, and ensuring financial stability. It serves as a valuable resource for stakeholders and the general public to gain insights into the Treasury’s operations and its contribution to the overall economic well-being of the country.
Minutes of the CBDC Technology Forum - March 2023
Date: May 5, 2023
Date of meeting: 14 March 2023. Tom Mutton (Chair) welcomed Members to the sixth meeting of the CBDC Technology Forum. Discussions focused on the Consultation Paper and Technology Working Paper, covering the proposed distribution model, technology considerations, and architecture for the digital pound.
High Stakes: Proposing Gambling Reform for the Digital Age
Date: April 27, 2023
The government has released a white paper outlining its proposed reforms for gambling regulation in response to the review of the Gambling Act 2005. The paper details the plan for addressing the existing challenges and concerns in the gambling industry. It aims to modernize and strengthen the regulatory framework to ensure a safer and fairer gambling environment. The proposed reforms cover various aspects, including online gambling, advertising, and player protection. The government’s goal is to strike a balance between consumer choice and protection, while also promoting social responsibility in the gambling sector.
Funds Congress Speech: Insights from Economic Secretary Andrew Griffith MP
Date: March 30, 2023
The Economic Secretary to the Treasury recently gave a speech at the Funds Congress, where he discussed the UK Asset Management industry and its role as a prominent global player. In his address, he emphasized the industry’s significant contribution to the economy and highlighted its potential for further growth and success. The Economic Secretary acknowledged the industry’s ability to attract international investment and its reputation for providing high-quality financial products and services. He also expressed the government’s commitment to supporting the industry through various initiatives and policies, aiming to maintain the UK’s position as a leading player in the global asset management sector.
Cryptoasset Promotions: Navigating Challenges and Regulatory Considerations
Date: March 27, 2023
The government is seeking public input on a policy proposal to regulate the promotion of specific types of cryptoassets. The consultation aims to gather opinions and feedback from various stakeholders on how best to regulate the advertising and promotion of these digital assets. This move comes as the government recognizes the need for consumer protection in the rapidly evolving cryptocurrency market. By engaging in this consultation process, the government hopes to develop effective regulations that strike a balance between promoting innovation and safeguarding investors. Public participation in this consultation is crucial to shaping future policies in the cryptoasset industry.
HM Treasury and Bank of England’s Contemplation of Plans for a Digital Pound
Date: February 7, 2023
According to a consultation paper released by HM Treasury and the Bank of England, it is highly probable that a digital pound will be required in the future. The paper suggests that with the advancements in technology and the increasing popularity of digital currencies, the need for a digital pound becomes more apparent. This move would align the UK with other countries that have already started exploring the idea of a digital currency. The consultation paper aims to gather feedback and insights from various stakeholders to better understand the potential benefits and challenges associated with introducing a digital pound.
Economic Secretary Andrew Griffith MP’s Speech at The City UK’s Annual Dinner
Date: February 3, 2023
Andrew Griffith MP, the Economic Secretary to the Treasury, recently spoke at The City UK’s Annual dinner. In his speech, he outlined his vision to enhance growth and competitiveness within the financial services sector. With the aim of boosting the industry, Griffith emphasized the importance of implementing strategies that would drive economic expansion and improve the sector’s ability to compete globally. By addressing these issues, he hopes to create an environment that fosters innovation, attracts investment, and ultimately strengthens the UK’s position as a leading financial hub.
UK Unveils Plans to Regulate Crypto and Safeguard Consumer Interests
Date: February 1, 2023
The plans being implemented aim to offer clear guidance and certainty to both consumers and businesses. This initiative seeks to address any confusion or uncertainty that may exist within the market. By providing a transparent framework, individuals and companies will have a better understanding of the rules and regulations they need to adhere to. This will enable consumers to make informed decisions and businesses to operate in a more efficient and compliant manner. Ultimately, these plans aim to create a more stable and predictable environment for all stakeholders involved.
Collaboration in Financial Services: Joint Statement on the Seventh Meeting of the UK-US Financial Regulatory Working Group
Date: January 13, 2023
The HM Treasury and U.S. Department of the Treasury have issued a joint statement regarding the seventh meeting of the UK-U.S. Financial Regulatory Working Group. This working group aims to enhance regulatory cooperation between the two countries in the financial sector. The meeting provided an opportunity for both sides to discuss various issues related to financial regulation and share updates on ongoing initiatives. The joint statement highlights the commitment of both the UK and the U.S. to deepen their collaboration in areas such as market access, fintech, and sustainable finance. This collaboration is crucial for promoting financial stability, supporting economic growth, and ensuring the resilience of the global financial system.
Responses to the Bank of England’s Discussion Paper on new forms of digital money
Date: March 24, 2022
The Bank of England’s Discussion Paper on new forms of digital money explored potential benefits and risks, including systemic stablecoins and Central Bank Digital Currency (CBDC). This paper summarizes responses, focusing on the implications for monetary policy, financial stability, and the evolving payment landscape.