The Bank of England (BoE) wants to test distributed ledger technology (DLT) and wholesale central bank digital currencies or CBDC (wCBDC). These experiments will map the dynamics of the payments landscape and evaluate the potential and challenges of financial technology innovations.
Central Banks Explore Cryptocurrencies and DLT Possibilities
The emergence of cryptocurrencies and DLTs has led to central banks worldwide exploring their possibilities. Some central banks work on projects with the Bank for International Settlements (BIS). For example, the BoE is participating in the BIS Project Agora, which involves testing the exchange of tokenized commercial bank deposits and central bank money on a single platform.
Governor Andrew Bailey stressed the role of confidence in money and payments for monetary and financial stability. The role of the BoE has to change as innovation remains a key driver of a strong UK economy. One way of integrating the CB money with the DLT is t
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