I’ve updated my tabulation of retail central bank digital currency (CBDC) explorers to include Singapore, and update a few links. I’ve also updated my tabulation of wholesale CBDC explorers, updating the Reserve Bank of Australia links and references, and putting the BISIH Project Nexus on the “bubble” because I’m not so sure there’s CBDC involved.
Statement on UK Central Bank Digital Currency next steps
In 2022, the Bank of England and the UK Treasury will launch a consultation which will set out their assessment of the case for a UK CBDC, including the merits of further work to develop an operational and technology model for a UK CBDC. It will evaluate the main issues at hand, consider the high level design features, possible benefits and implications for users and businesses, and considerations for further work. The 2022 consultation will inform a decision on whether the authorities are content to move into a ‘development’ phase which will span several years. If the results of this ‘development’ phase conclude that the case for CBDC is made, and that it is operationally and technologically robust, then the earliest date for launch of a UK CBDC would be in the second half of the decade. [Read more]
Digital Currencies Likely to Be Legal Tender, Central Banks Say
A digital euro will probably be deemed legal tender, according to European Central Bank Executive Board member Fabio Panetta. “It would be quite awkward not to have legal-tender status for an additional instrument issued by a central bank” though he cautioned that achieving the status “should not be taken for granted.” [Read more] As pointed out in a recent IMF working paper, legal tender status is not necessarily a defining CBDC characteristic, in the same way as being denominated in the country’s unit of account, and being issued by, and an obligation of, the country’s central bank is.
Upcoming Virtual Conferences at Which I’m Speaking:
The November 22-24 World Banknote Summit is a platform where the leaders of the global banknote community can meet and discuss current and future issues faced by banknotes as a form of payment. The summit plays host to various industry insiders and business experts who share their insights into banknotes, the dynamic and ever-changing face of the payments industry, the challenges on the horizon and potential solutions. The program is available here, and click here to register.
ITU DC³ Conference: From cryptocurrencies to CBDCs
The January 25-27 DC³ Conference: From cryptocurrencies to CBDC, will highlight the work of the Digital Currency Global Initiative with a spotlight on emerging trends, innovations and initiatives shaping the future of digital currencies. The conference is organized jointly by the International Telecommunication Union (ITU) and the Stanford University Future of Digital Currency Initiative (FDCI). The program is available here, and click here to register (it’s free).
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