Bank Of England Collaborates With MIT To Research On CBDC

The Bank of England will launch a yearlong joint research project with MIT, which is already working with the Fed and Bank of Canada. The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said in a statement that the new project was for research purposes only, and not intended to develop an operational CBDC.The bank began studying CBDC in 2020, releasing a discussion paper in March of that....

The Bank Of England (BoE) has stated a “central bank digital currency” (CBDC) could raise the UK’s GDP “by almost 3%.” Digital Currency Has ‘Number of Benefits’. In a lengthy new report published this week, the Bank studies the feasibility of introducing a CBDC, as well as the likely implications it would be have for the economy. Its authors, research....

The Bank of England's CBDC-related job listings range from solution architect to senior manager. The United Kingdom’s central bank, the Bank of England, or BoE, still maintains that it is unsure on a path forward regarding a central bank digital currency, although the entity is looking to hire at least seven CBDC-related job positions. The job listings recently surfaced on the BoE’s job posting website. One such position searches for a “Stakeholder Analyst - Central Bank Digital Currency (CBDC).” As per the site, the bank is also searching for a project analyst, a solution architect, a....

The Bank of England is on the hunt for an economist to spearhead its research into a central bank-issued digital currency. According to the job listing, the research lead would play a driving role in its bid to issue a digitized, blockchain-based version of the UK pound – an idea the Bank of England has been exploring since as early as last year. Tthe central bank is looking for someone to lead the effort and examine whether "universal access" to this kind of electronic money would be "desirable" for users. The listing explains: "The job holder will be responsible....

One of the contributors to the Bank of England's preliminary CBDC research tells us why a digital pound is neccessary in the United Kingdom. The United Kingdom Chancellor of the Exchequer announced the launch of a CBDC task force this week, bringing together the Bank of England and Her Majesty’s Treasury to coordinate the exploration of a potential central bank digital currency. Depending on the feedback received from various areas of industry, academia, and civil society, the task force will advise the Bank of England on the future rollout (or not) of what would be a digital version of....