The Bank of England has put together what it calls the Central Bank Digital Currency Engagement and Technology Forum. The members of this forum represent large sectors of industry and society, ranging from banking and technology to entertainment and education.
The group will consist of two forums, one called the CBDC Engagement Forum and one called the CBDC Technology Forum. The Bank of England announced the Forum in April of 2021 but just yesterday announced its members.
Its purpose is to help the bank understand the “practical challenges of designing, implementing and operating a CBDC.”
Members of this forum include executives of Morgan Stanley, Mastercard, PayPal, Google, Visa, Oracle, Amazon, Spotify and many others. It also includes Professors from the University of Santa Barbara and the University of Cambridge, Judge School of Business.
Other than China’s speed to market with its digital yuan, the Bank of England is likely next in line in its pursuit of a CBDC. Earlier last week the United States Chairmen of the Federal Reserve, Jerome Powell, said that the Fed was looking at the potential of CBDCs and whether or not it is something they are interested in.
“We’re working proactively to evaluate whether to issue a CBDC and, if so, in what form,” said Powell.
He added that the clear test of a CBDC is that there are “clear and tangible benefits that outweigh any costs and risks.”