Bank of England ready to discuss CBDC on tomorrow’s meeting

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Aug 18, 2020
  • The Bank of England is attending a historic meeting tomorrow, alongside a few other banks.
  • The main purpose of the meeting will be a cryptocurrency, and how it would help if implemented.
  • The meeting will also be attended by a blockchain firm that will explain the benefits and other details.

Banks around the world are considering implementing digital currencies as part of their business. However, the majority of those that do, do not wish to use existing, decentralized coins that cannot be controlled. Instead, they are much more interested in launching CBDCs, which they need to issue themselves.

With plenty of banks across the globe already heading down that way, and many others considering it, the Bank of England plans to hold a meeting tomorrow and decide what will happen next.

What is known about the meeting?

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The meeting that will take place is considered to be a key, historic meeting, as it will revolve around the potential that digital currencies can offer.

From what is known, it will take the form of a digital roundtable, and it will take place at the OMFIF (Official Monetary and Financial Institutions Forum). There, the Bank of England plans to meet with a number of other banks, including the ING Group, Swiss National Bank, as well as Magya Nemzeti Bank.

However, that is not all, as the meeting will also be attended by the blockchain platform, Cypherium.

The goal of the meeting is also known by now, and it includes exploration of the impact of blockchain technology. The banks will want to know everything regarding the design, potential use cases, as well as all of the benefits that a CBDC would be able to offer.

The CBDC debate

The Bank of England has explored CBDCs on its own earlier this year, and is now looking to answer the question of whether creating a CBDC is needed. At least, this is what the bank’s governor, Andrew Bailey, stated during the last month’s webinar.

He did admit that it could have huge implications regarding the nature of payments, and that it could reshape society. It was also said that adopting a CBDC would create plenty of new opportunities for the Bank of England. For example, it would be able to eliminate corruption, fraud, money laundering, and similar problems.

Cross-border payments would be instant, and recovery form COVID-19 would be much easier. For now, however, the fate of CBDC in the UK depends on this meeting.

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