Google, Amazon, PayPal, and ConsenSys executives and experts will aid the British central bank with its central bank digital currency (CBDC) research.
The central bank of the United Kingdom is accelerating its investigation into a central bank digital currency (CBDC) by appointing a long list of banking and fintech specialists to assist it.
The Bank of England revealed on Sept. 29 the membership of its CBDC Engagement and Technology Forums, which include some of the biggest names in technology and finance, including Google, Mastercard, Consensys, and even Spotify.
This week’s statement demonstrates that the central bank is serious about its CBDC intentions. The Technology Forum, it stated, draws on the expertise of leading experts in the fields of digital payments and cryptocurrencies.
“The Forum will help the bank to understand the technological challenges of designing, implementing and operating a CBDC.”
The Engagement Forum will bring together “senior stakeholders from industry, civil society, and academia” to help the bank and Treasury “understand the practical challenges associated with designing, implementing, and operating a CBDC.”
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Edwin Aoki, PayPal’s Chief Technology Officer for blockchain and cryptocurrency, is one of the technology specialists. Will Drewry, a Principal Software Engineer at Google, and Matthieu Saint Olive, a CBDC and Payments Manager at Ethereum software firm ConsenSys, join him.
Additionally, the Technology Forum features executives and payment experts from Amazon Web Services, MasterCard, Visa, Stripe, IMB, R3, and Spotify, the music streaming platform.
The Engagement Forum is consisting of banking leaders and business professionals, including Georges Elhedery, co-CEO of HSBC’s Global Banking and Markets, Arun Kohli, COO of Morgan Stanley, and Stephen Gilderdale, Chief Product Officer of SWIFT, the interbank communication standard.
According to Cointelegraph, the Bank of England began a preliminary study into CBDCs in November 2020. The central bank published a list of job openings relating to CBDC research and development in April.
It is, however, cautious of cryptocurrencies, with Bank of England Governor Andrew Bailey warning investors in May to “purchase them only if you are prepared to lose all your money.”
Also Read: The CEO Of JPMorgan Does Not Care If Bitcoin Grows Tenfold In Five Years
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