This paper accompanies a Consultation Paper on the 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 current 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.
We invited responses to this paper from stakeholders and technology experts from 7 February 2023 until 30 June 2023. We are grateful to all individuals, businesses and organisations who responded. This feedback will help to inform our future technology work.
If you have any questions, please email CBDC@bankofengland.co.uk.