What is the Bank of England consulting on?
Our money and banking system could soon be transformed by two new forms of digital money: private sector digital money, such as ‘stablecoins’, and a publicly provided alternative in the form of a central bank digital currency (CBDC).
The Bank of England has published a discussion paper outlining its thinking on these new forms of money, and invited the public to have their say. Big finance and tech firms will no doubt be trying to shape Bank of England policy to serve their interests. It is vital that we as the public also make our voices heard to ensure the future of money is fair, democratic and sustainable.
This blog explains some of the key issues being discussed, and puts forward some of Positive Money’s thinking on them.
You can have your say by responding to the Bank of England’s survey here by 7th September 2021. If you only have a few minutes, you can see Positive Money’s instructions here to answer just the main question (question 6). Or if you want more background information and to answer more of the survey questions, read on…
What is a CBDC?
— source positivemoney.org | Simon Youel, Zack Livingstone | Sep 2, 2021