Britcoin to be trialed on multiple ledgers, including blockchain: Bank of England
Tom Mutton, who heads the digital pound initiative at the BoE, says it will have a £10,000-£20,000 limit, will trial blockchain, and geared toward privacy.
Tom Mutton, who heads the digital pound initiative at the BoE, says it will have a £10,000-£20,000 limit, will trial blockchain, and geared toward privacy.
Bank of England calls for comments on whether or not non-U.K. residents “should have access to the digital pound, on the same basis as U.K. residents.”
Both the BIS and BoE have been exploring an innovative real-time gross settlement system using DLT to power the synchronization network dubbed Project Meridian.
Acknowledging the rising popularity and adoption of tokenization, BoE's John Cunliffe says the central bank is looking into the possibility of imposing limitations on stablecoins to mitigate risks.
Bank of England is ramping up its central bank digital currency efforts and hiring developers, security architects, and more despite not officially committing to its Britcoin efforts.
Bank of England Deputy Gov. Jon Cunliffe told lawmakers a digital pound would make it easier for U.K. residents to make micropayments—but doesn’t Bitcoin already do this?
The U.K. Treasury and the central bank say that the digital pound would give the country a new digital payments system, but they don’t want you to call it "Britcoin."
The Bank for International Settlements has been working with the Bank of England on Project Rosalind and wants payment providers to participate in the next phase of the CBDC project.
U.K. Treasury is looking for a Head of Central Bank Digital Currency who will lead its work on a potential digital pound but hasn’t committed to issuing the CBDC.
The impact of FTX's collapse may be largely restricted to the digital asset industry, but one effect the crisis had outside of the space was to put the concept of systemic risk back onto the agenda.
The Bank of England has previously revealed that it would outsource the CBDC wallet to a private company and it’s now pledging £200,000 to a CBDC wallet PoC.
While exploring the digital pound, BoE deputy governor John Cunliffe said the recent FTX collapse highlighted the need for financial institutions to be organized and the essence of regulations.