Bank of England Employs Major Payments Techs for CBDC Research

Shumaila  |  Sep 30, 2021

The Bank of England has recently revealed that it will be employing experts from major players of the digital payments industry like Google, Amazon, PayPal, and ConsenSys for the development of its digital currency (CBDC).

Bank of England Ramps Up its CBDC Research

The UK's central bank announced on September 29 the membership of its CBDC Engagement and Technology Forums and the list includes some big names in digital payments technology and finance including Google, Mastercard, Consensys — and even Spotify. The aim is to ramp up the CBDC research with the selection of a number of fintech and banking experts to assist it.

The Engagement Forum involves “senior stakeholders from industry, civil society, and academia,” that will help the authorities to “understand the practical challenges of designing, implementing and operating a CBDC.”

Some of the tech experts include Edwin Aoki PayPal’s blockchain and cryptocurrency Chief Technology Officer, Will Drewry the Principal Software Engineer at Google, and Matthieu Saint Olive the CBDC and Payments Manager from payments solutions firm ConsenSys.

Payments Tech to Assist the UK Authorities With the Development of Digital Currency

Executives and payments experts from Amazon Web Services, MasterCard, Visa, Stripe, IMB, R3, and music streaming platform Spotify are also included in the central bank's Technology Forum.

From the banking and business sector, Georges Elhedery the co-CEO of Global Banking and Markets at HSBC, Arun Kohli the COO of Morgan Stanley, and Stephen Gilderdale the Chief Product Officer at interbank communication standard SWIFT.

It should be noted that in April, the central bank had posted a list of job vacancies related to CBDC research and development. However, it remains critical and skeptical of trading crypto as it issued a warning to UK citizens saying that they should be prepared to lose all their money if wish to buy the cryptocurrencies.

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