Summary of the CBDC Engagement Forum – March 2023

On 2 March 2023, Gwyneth Nurse and Jon Cunliffe, the co-chairs, greeted the Members at the fifth meeting of the CBDC Engagement Forum. During the meeting, the Bank of England and HM Treasury provided an overview of the Consultation Paper and the accompanying Technology Working Paper, which were released on 7 February 2023. The presentation covered various aspects, including the key points, motivations, conceptual architecture, and main design features of the proposed UK CBDC, known as the digital pound. The Members expressed their appreciation for the publication of these papers. Some Members expressed interest in understanding how the implementation of the digital pound would align with other ongoing payment initiatives, such as the New Payments Architecture. They also highlighted the importance of close collaboration with industry to ensure effective coordination.

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