Summary of the CBDC Engagement Forum Meeting – February 2022

On 9 February 2022, the CBDC Engagement Forum held its second meeting, chaired by Charles Roxburgh and Jon Cunliffe. They acknowledged the Bank and HM Treasury’s previous announcement on 9 November 2021, which outlined the forward plan for exploring a UK CBDC and the expected release of a CBDC Consultation Paper in 2022. Additionally, they mentioned the House of Lords Economic Affairs Committee report on CBDC. The Bank of England provided a summary of the Technology Forum meetings that occurred in November and January following the first Engagement Forum meeting. The Bank’s presentation focused on CBDC “use cases” and highlighted their importance for various stakeholders, including UK authorities, private sector intermediaries, and end users. Different types of CBDC were discussed, each with specific features and requirements. The Bank also raised the question of whether CBDC should be designed with one or multiple primary use cases or if it should aim to be a flexible platform, leaving use case development to the private sector. Finally, the Bank sought input from members on the information and mechanisms that could assist the private sector in developing their understanding of use cases.

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