Exploring the development of a CBDC for the UK
Back in April I launched the e-pound:unpacked newsletter to explore the development of a CBDC for the UK and to support my Payments:Unpacked newsletter. Over the last six months the e-pound:unpacked subscriber list has grown and the engagement rates have been amazing.
Also in April, the Chancellor announced a new Taskforce between HM Treasury and the Bank of England to explore a UK Central Bank Digital Currency. A few weeks later the Bank of England released its consultation paper looking closely at the opportunities and risks of new forms of digital money, including a UK CBDC.
I'm very encouraged by progress on that [CBDC] front and the fact that we are getting to grips with this critical innovation. If this comes to pass, it will be one of the most fundamental innovations in the history of central banking, it will move us into a new era.
Bank of England governor, Andrew Bailey
Fast forward to this month and we have seen the launch of the Digital Pound Foundation - an independent body to promote a UK pound based CBDC. The Digital Pound Foundation argues that the adoption a CBDC will underpin the UK's transition to an "innovative, inclusive digital economy and society”.
e-pound unpacked is joining Payments:Unpacked
The growth in the e-pound:unpacked newsletter subscriber list and the engagement rates have demonstrated the high interest in a CBDC for the UK.
In light of this and the wider market developments I have decided to expand the scope of my Payments:Unpacked newsletter to include CBDCs. This move will provide a significantly greater platform to explore the development of a CBDC for the UK.
A number of e-pound:unpacked newsletter subscribers are already Payments:Unpacked subscribers (thank you) so, going forward, you’ll find content relating to CBDCs within the Payments:Unpacked newsletters.
For those who do not already subscribe to Payments:Unpacked I have transferred your subscription across - if you do not wish to receive the Payments:Unpacked newsletter please click on the ‘unsubscribe’ button in the footer of this message.