Minutes of the CBDC Technology Forum – July 2024
Date: 2024-08-02
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: 2024-08-02
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: 2024-08-02
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: 2024-05-16
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.
Minutes of the CBDC Academic Advisory Group - March 2024
Date: 2024-04-08
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: 2024-04-04
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: 2024-04-04
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: 2024-03-01
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: 2024-01-25
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: 2024-01-25
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: 2024-01-25
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: 2024-01-04
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.
Money and payments: a ‘black ships’ moment? - speech by Jon Cunliffe
Date: 2023-10-26
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.
Minutes of the CBDC Engagement Forum - September 2023
Date: 2023-10-20
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.
Minutes of the CBDC Technology Forum - July 2023
Date: 2023-08-31
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: 2023-08-24
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.
Minutes of the CBDC Technology Forum - March 2023
Date: 2023-05-05
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.
Responses to the Bank of England’s Discussion Paper on new forms of digital money
Date: 2022-03-24
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.