The Bank of England turns to PayPal and Google for digital currency

CBDCs are digital versions of a fiat currency, such as the pound, euro or dollar, backed by a central bank. Countries around the world are currently studying the benefits of their development. Some countries, such as China and the Bahamas, have already launched or are in the testing stages of a CBDC project. The UK has been relatively slow so far and has only announced research on that resource. But the recent announcement shows that the Bank of England is consulting with top experts in technology and finance, including executives from PayPal and Google, on the viability of a CBDC coin in the UK. "The Forum will help the Bank understand the technological challenges of designing, implementing and managing a CBDC," reads the announcement. CBDC Engagement Forum and CBDC Technology Forum members include Edwin Aoki, CTO, blockchain, cryptocurrency and digital currencies at PayPal, Matthieu Saint Olive, CBDC and payments manager at ConsenSys and Ashley Lannquist, project lead, blockchain and digital currency at the World Economic Forum.

Other members include Mark Shaw, global payments strategy director for Spotify, Charlotte Hogg, CEO Visa Europe, and Diana Layfield, president of Google's EMEA partnerships. The two forums merged in April to explore whether a CBDC coin could work in the UK. The idea at the moment is that, in the UK, it would work as a complement to cash, but above all it would be a fast and safe way to send money and make payments. Bank of England chief Andrew Bailey has repeatedly said that he does not view decentralized digital assets, such as Bitcoin, as money, but said stablecoins, assets pegged to fiat currencies albeit different from CBDCs, could become an important part of the future landscape. financial.