Bank of England will participate in the meeting, related to the Central Bank Digital Currency Design

The Bank of England will take part in a key meeting tomorrow to discuss central bank digital currencies (CBDCs) and their possible infrastructural designs.

The meeting will be accepted by global central banking think tank, the Official Monetary and Financial Institutions Forum (OMFIF) and gather together Bank of England senior fintech specialist, Simon Scorer together with the representatives from , the Swiss National Bank, ING Nederland and the Hungarian National Bank (Magyar Nemzeti Bank). The director of enterprise-focused blockchain platform Cypherium, Sky Guo, will take part in discussion as well.

The principal point of discussion will be the advantages of blockchain technology, which they can bring to CBDCs. The advantages deal with the application of smart contracts and the models interoperable blockchain networks inside and outside national borders.

Based on Guo’s statement now it is a high time to discuss all pros and cons of infrastructural ideas, specifically the ones related to the tools interaction with each other.”

Each central bank delegate — the BoE’s Simon Scorer, Magyar Nemzeti Bank’s chief digital officer Anko Szombati, ING’s blockchain team IT specialist Cees Van Wijk, and Swiss National Bank governing board member Thomas Moser will speak on their organizations’ researches in the sphere of internal CBDC.

In March 2020, the Bank of England has posted profound research of CBDCs with the assessment of quickly changing payments scenario and the potential of CBDCs in the assistance to banking tasks related to monetary and financial stability.

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