Progress update: The digital pound and the payments landscape (BOE)
The Bank of England (BOE) published a summary of its work during 2024 on a digital pound, including how it relates to the evolving payments landscape. It also published an initial design note as part of its work on a blueprint for the central bank digital currency (CBDC). The blueprint is one of four workstreams in the digital pound design phase (see below). Its purpose is to provide a comprehensive proposition for a digital pound, including technology, operational, ecosystem, commercial, regulatory and financial considerations, and the roles that both the Bank and the private sector could play in delivering it. The Bank also will launch a Digital Pound Lab to enable hands-on experimentation to test API functionality, innovative use cases and potential business models for payment interface providers (PIPs) and external service interface providers (ESIPs). [Read more at the BOE]
BIS Innovation Hub sets out 2025 work programme (BISIH)
The BIS Innovation Hub (BISIH) posted its 2025-26 work programme. The BISIH started 16 new projects in 2024, and the project portfolio consisted of 26 active projects at the start of 2025. The work programme for 2025 includes further developing ongoing projects such as Project Agora in which partners from seven central banks and over 40 private sector financial institutions are exploring how tokenization can enhance wholesale cross-border payments. The first two new projects in 2025 will explore AI-based tools supporting supervision and green finance. [Read more at the BISIH]
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Upcoming Speaking Engagements:
- The Central Bank Payments Conference (Paris, February 17–19) will explore the latest issues and developments confronting central banks and their evolving role as operators, overseers, and catalysts within the payments landscape. The focus will be on cross-border payments, CBDC and tokenization, open finance, instant payments, and financial inclusion, among other topics. When you register get 15% off by using the Kiffmeister15 code. [register here]
- The Global Payments Summit (Paris, February 19–21), the second half of Currency Research Payments Week, will explore emerging payments trends and innovations, positioning the ecosystem’s commercial players — banks, PSPs, solution providers — at the center of the discussions. When you register get 15% off by using the Kiffmeister15 code. [register here]
- The Digital Euro Conference 2025 (Frankfurt, March 27) will explore the future of money with a focus on CBDCs, stablecoins, tokenized deposits, and the intersection of AI and digital ID. When you register, get 20% off the regular ticket price by using the Kiffmeister20 code! [register here]
And just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So (only) if you work at a central bank, ministry of finance or international financial institution (e.g., the BIS, IMF, OECD, World Bank) and who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at john@kiffmeister.com.
