The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.
Bank of England News
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At a recent event, Tom Mutton, the Bank of England’s head of fintech, touted the privacy benefits of CBDCs while denouncing the anonymity of cryptocurrencies.
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The insights of Project Meridian would be used by the Bank of England in its real-time gross settlement system.
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BoE deputy governor Sir Jon Cunliffe looked at stablecoins, CBDC and other forms of tokenization taking hold in the modern economy in a speech on financial innovation.
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A Bitcoin-only policy organization in the United Kingdom seeks to steer a course for greater levels of BTC adoption.
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Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.
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Insider sources reportedly described the bonus pool as “modest,” adding that the stock held by senior execs had been “rendered worthless” following Silicon Valley Bank UK arm’s “near-collapse.”
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An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.
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However, several UK venture capital firms have come out in support of the shuttered firm, stating it plays a "pivotal" role in supporting startups.
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BoE deputy governor Jon Cunliffe compared a potential digital pound with Apple’s iPhone app store as it could “open a new frontier for people to improve payments.”
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The Bank of England Prudential Regulatory Authority will facilitate international economic growth under the Financial Services and Markets bill now in Parliament.
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The Bank of England’s plans for a CBDC launch raise concern among U.K. Tax Reform Council and the broader Bitcoin community.
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The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins.
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Finance minister Jeremy Hunt says the digital pound, or “Britcoin,” would be issued and backed by the Bank of England, but it won’t negate the use of cash.
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The digital pound roadmap is reportedly set to be introduced next week, along with a joint public consultation.
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