New Forms of Digital Money and Central Bank Digital Currencies Webinars

We hosted two webinars exploring our recent Discussion Paper on New Forms of Digital Money, and a Summary of Responses to the March 2020 Discussion Paper on central bank digital currency (CBDC)

About the event

Dates: Monday 5 July & Thursday 8 July 2021

On 7 June we published a Discussion Paper on New Forms of Digital Money, and a Summary of Responses to the March 2020 Discussion Paper on central bank digital currency (CBDC). The Discussion Paper aims to broaden the debate around new forms of digital money and seek views on our emerging thoughts on the subject, whilst the Summary of Responses will help inform our thinking on CBDC and will support the ongoing work of the recently announced CBDC Taskforce, Engagement and Technology Forums.

Given the significance of both of these publications and their implications for our future work, we hosted two webinars focusing on each of the topics in turn. The first focused on the New Forms of Digital Money Discussion Paper, and the second focused on CBDC.

New Forms of Digital Money – Monday 5 July 2021 from 1pm-2pm

The Discussion Paper on New Forms of Digital Money focuses on stablecoins aimed to be widely used as a means of payments in the UK and CBDC. At the webinar, we presented how these new forms of digital money can provide benefits to the real economy but also pose risks to financial stability that need to be carefully addressed. We presented our illustrative scenario, which models the possible demand for new forms of digital money, the impacts on banks’ balance sheet and the implications for credit creation. After presenting possible implications for macroeconomic stability, we introduced our proposed approach to the regulation of systemic stablecoins to ensure that they are safe to use for businesses and households, and that they meet our expectations before being used widely in the UK. 

This webinar is an important part of our outreach to discuss the issues raised in our paper with a wide range of stakeholders. Presenters included members of our Financial Market Infrastructure Directorate, the FinTech Hub and our Central Bank Digital Currency (CBDC) Unit.

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newdormsdigitalmoney

Central Bank Digital Currencies – Thursday 8 July 2021 from 11am-12pm

The Central Bank Digital Currencies webinar examined what we have learned from responses to our 2020 Discussion Paper on CBDC and how we will proceed going forward in this space, including how this relates to the recently announced CBDC Taskforce, Engagement and Technology Forums.

The webinar gave a brief reminder of CBDC and some of the Bank's work on the topic to date. It then went into more detail on the responses to our discussion paper, and drew out the 5 principles we have taken from these responses that will help to influence and shape our future work. The presentation was made by members of our CBDC Unit.

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Central bank digital currencies
This page was last updated 26 July 2021

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