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Top FinTech Firms To Assist Bank of England In Its CBDC Research

As Britain’s apex bank continues its research in developing a national digital currency, it has enlisted the help of leading FinTech firms. Today, the UK central bank revealed the names of FinTech firms that will assist in this research, and the list consists of famous FinTech giants such as Amazon, PayPal, ConsenSys, and Google.

A UK CBDC Solution Might Be Imminent Soonest

Per the announcement, “these firms form part of the tech forum for our research since they have the technical know-how regarding the design, implementation, and operation of a national digital currency.”

Edwin Aoki (PayPal), Will Drewry (from Google), and Matthieu Saint Olive (from ConsenSys) are included as members of this forum. Other members of the forum were drawn from IMB, MasterCard, AWS, Spotify, and R3.

Bank experts in the team included Stephen Gilderdale, Georges Elhedery, and Arun Kohli from HSBC, Swift, and Morgan Stanley, respectively. UK’s apex bank initiated research on having a national digital currency late last year. Earlier this year, it requested to fill vacant positions regarding digital currency research and development.

However, the bank’s governor clarified that it is still skeptical about digital currencies and warned that the public should understand the risk of crypto trading and investing before venturing into it.

New Zealand’s Apex Bank To Explore Having A National Digital Currency

New Zealand is the latest nation to show interest in having a national digital currency. Today, the country’s apex bank (the RBNZ) issued a document to express its view regarding a national digital currency. The published paper contains the design, benefits, and risks of having a national digital currency and has requested public input till early December 2021.

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The main focus of this released paper is the issuance of the national digital currency based on purpose. The apex bank remarked that this kind of CBDC will serve a better goal than a CBDC available to anyone in general. The bank also noted that it would be directly responsible for issuing the digital and fiat NZD.

Clarification On The Digital NZD Design

Christian Hawkesby (the deputy governor of the apex bank) reiterated that the fiat NZD wouldn’t be reduced in circulation in favor of the digital NZD. The document revealed that there would be two designs for this national digital currency – the account-based and the token-based versions.

The apex bank clarified that the token-based design would automate bill payments using smart contracts without involving any third party. Another benefit of this version is that the creation of new retail payment services becomes more straightforward.

The RBNZ claims that this national digital currency offers the chance to develop a payment settlement that provides privacy and tracking. Privacy (to the parties involved in the transaction) and monitoring (by the country’s financial regulators to ensure that no one is evading tax, using the currency for fraudulent purposes, or supporting terrorist acts). It is incredible how things have turned in less than one year, given that as of late last year, Hawkesby denied that the RBNZ is in the process of developing the digital NZD.

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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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