Summary of the CBDC Engagement Forum – July 2022

On 1 July 2022, Gwyneth Nurse and Jon Cunliffe, the co-chairs of the CBDC Engagement Forum, welcomed the members to their fourth meeting. During the meeting, the Bank of England provided a brief summary of the previous month’s Technology Forum meeting. One of the forum members delivered a presentation on potential business models for Payment Interface Providers (PIPs) within a CBDC ecosystem. The presentation outlined that PIPs would be responsible for various activities mentioned in the Bank’s 2020 Discussion Paper on CBDC, including client onboarding, conducting KYC and AML checks, user authentication, consumer protection, and overlay services, among others. The presentation also highlighted the anticipated costs associated with providing these services.

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