The digital pound: Technology Working Paper

This paper accompanied the Consultation Paper on the digital pound and outlines the Bank of England’s thinking on CBDC technology.
Published on 07 February 2023

The period for responding to this paper closed on 30 June 2023. The Bank of England published a response to the Technology Working Paper on 25 January 2024.

Overview

This paper accompanied the Consultation Paper on a digital pound and outlines the Bank of England’s emerging thinking on CBDC technology. It explores technology design considerations which help to form a basis for the Bank’s thinking on the technology requirements of a UK CBDC, and which will likely have significant impact on the design choices for CBDC. This paper also sets out an illustrative conceptual model, which is based on the platform model of CBDC. It outlines how different components of the conceptual model might operate and how ecosystem participants might interact with these components. 

The digital pound: Technology Working Paper

We invited responses to this paper from stakeholders and technology experts between 7 February 2023 and 30 June 2023. We are grateful to all individuals, businesses and organisations who responded. This feedback will help to inform our future technology work during the design phase. A response by the Bank was published on 25 January 2024:

Response to the digital pound Technology Working Paper

If you have any questions, please email CBDC@bankofengland.co.uk.