Summary of the CBDC Technology Forum Meeting – September 2021

Tom Mutton, the Chair, welcomed the Members and attendees to the first CBDC Technology Forum meeting. He explained that the Forum’s objective was not to make decisions or provide formal advice, but rather to help the Bank understand the views of expert stakeholders on the technological challenges of a CBDC. The Bank encouraged Members to suggest topics for future agendas and lead discussions. Members were reminded to act in a personal capacity and represent their constituency as a whole, rather than their individual organizations. The meeting was held under the Chatham House Rule, and the minutes would be published. The Bank outlined its current views on CBDC technology choices and emphasized the importance of a reliable, resilient, fast, efficient, innovative, and competition-friendly CBDC system. The core ledger infrastructure should be kept simple, with more complex functions provided by overlay services. The Bank also mentioned the “Platform Model” for CBDC provision but acknowledged that other models were being considered. Some Members proposed a ledger-less, cash-like CBDC model for privacy and offline payments, but concerns were raised about its feasibility, technology viability, resilience, and prevention of tampering and double spending. The topic of offline payments and double spend risk would be discussed further in a future meeting.

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