The Bank of England and the Ministry of Finance Have Created a CBDC Academic Advisory Group, and Relevant Scholars Can Apply to Join Before September 3
On August 10th,the Bank of England and the UK Treasury are creating a CBDC Academic Advisory Group (AAG) to provide expertise during the design phase of the digital pound. The group is currently recruiting members and aims to bring together experts in finance, economics, business, and other fields.
Bank of England to Proceed with Systemic Stablecoin Regime, According to Consultation Response
The Bank of England (BoE) has confirmed its plans to establish a regulatory framework for systemic stablecoins, according to a consultation response released on Monday. The proposed regime would be jointly supervised by the BoE and the Financial Conduct Authority (FCA), a move that was welcomed by respondents. The UK government also supported extending the accountability framework to systemic stablecoins.
BTC/GBP and GBP/USD Diverge After Bank of England's Interest Rate Hike Decision
The Bank of England has raised interest rates by 0.25% to combat high inflation, causing the BTC/GBP pair to move sideways while the GBP/USD pair slipped to a low of 1.2625. Bitcoin was trading at £23,000, 7.2% below its highest level this month. The BTC/GBP pair has formed a bullish flag pattern on the daily chart, indicating a likely bullish breakout in the coming weeks. Despite signs of a slowing economy, the Bank of England believes the UK will narrowly avoid a recession this year.
Bank of England Governor Bailey: Stablecoins Are Not Robust and Do Not Meet the Standards of Safe Money
Bank of England Governor Bailey says cash will still exist despite the advent of digital currencies. Stablecoins are not robust and do not meet the criteria of a safe currency. Our work on retail central bank digital currencies does not change our commitment to physical currencies. The main motivation for launching a retail central bank digital currency is to ensure that the public has central bank money that they can use in their daily lives. Bitcoin-type cryptocurrencies are best viewed as highly speculative assets.
Nuggets Working with Bank of England on Privacy and Identity Layer for Potential Digital Pound
Nuggets, a payments platform, is collaborating with the Bank of England to develop a privacy and identity layer for a potential digital pound. The platform aims to create a secure system to prevent tracking and correlation of transactions, as well as prevent fraud and money laundering. The Bank of England has launched a consultation on a central bank digital currency, but will not make a decision on issuing one until at least 2025. Nuggets plans to use zero-knowledge proofs on its privacy layer to enable people to verify their identity without sharing their data.
Majority of UK Citizens Express Concerns Over Potential Control of Central Bank Digital Currency, Survey Finds
June 30 (Cointime) - According to a survey by Trezor, 75% of respondents are worried about the UK government's potential control over access to funds through its proposed Central Bank Digital Currency (CBDC).
Bank of England Considering Multiple Technologies for Central Bank-Backed Digital Currency
June 28 (Cointime) - The Bank of England is still deliberating on which technology to use for its Central Bank-Backed Digital Currency (CBDC), with all options on the table. Unlike other central banks, the Bank of England has not yet decided to use blockchain technology for its digital pound, known as Britcoin.
Digital Pound to Focus on Privacy with Possible Non-Blockchain Technology, Says BoE CBDC Chief
June 27 (Cointime) - The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology.
Bank of England Considers Holding Limits for Digital Pound Based on Income Levels
June 23 (Cointime) - According to William Lovell, the Bank of England's head of strategy and architecture, the Digital Pound could offer a safer alternative to the current monetary system. Lovell believes that the Digital Pound is necessary due to the risks associated with the current payment system and banks. The Digital Pound would function as a digital version of a banknote and would be designed for everyday spending.
Bitcoin and Ethereum Prices Retrace as Bank of England Hikes Interest Rates to Tackle Inflation
June 22 (Cointime) - Bitcoin and Ethereum prices experienced a downturn following the Bank of England's decision to raise interest rates by 50 bps to 5% in an effort to combat inflation.
