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Bank of England Cleared Its’ Stance of No Compromisation for Any Future CBDC

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Bank of England Cleared Its' Stance of No Compromisation for Any Future CBDC Digital currency
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  • The Bank of England (BoE) cleared that they will decide by themselves on central bank digital currency (CBDC).
  • Simon Scorer, BoE’s senior fintech specialist said their bank would not negotiate on the design principle with tech providers.

The Bank of England (BoE) cleared that they will decide by themselves on central bank digital currency (CBDC). They refused to take any suggestion from any tech providers on what they should do and what shouldn’t. Simon Scorer, BoE’s senior fintech specialist said their bank would not negotiate on the design principle with tech providers.

In the Consensus: Distributed’s Future of Fiat Workshop, he announce the stance. He thinks the choice of Central Bank Digital Currency should be based upon the what functionality the U.K. central bank required. That’s why he stated that they should not let any tech provider dictate the design of CBDC. Scorer made a clear stance on behalf of BoE that there would be no compromise and if any tech company would want to work with them, they should get their design perfectly pitched around the starting time.

Reasons for Changing Stance

Earlier some tech leaders had proposed some design principles to the banks after publishing of CBDC discussion paper. Among these design principles, the idea of public-private partnership was the most welcomed one. According to this idea, any provisional CBDC should run as a public-private partnership. Some experts viewed that this will offer a base-level of aspects towards digital currency to the people of the U.K. without cutting out the initiative of private companies.

But the difference between the latest and previous stance of BoE was their tone over the design principle. It is abundantly comprehensible that the bank will not accept any type of compromise.

Scorer also remarked that they were sure that any choice of tech companies in their digital currency should be led by a set number of requirements and not the way around. Hence, it is clear only the bank will decide the design principles and appropriate technology. Furthermore, the changing of the stance will cause some delay.

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