{"id":11817,"date":"2022-03-26T03:36:58","date_gmt":"2022-03-26T03:36:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=11817"},"modified":"2022-03-26T03:36:58","modified_gmt":"2022-03-26T03:36:58","slug":"mit-adds-the-bank-of-england-to-its-stable-of-cbdc-digital-currency-research-partners","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=11817","title":{"rendered":"MIT adds the Bank of England to its stable of CBDC digital currency research partners"},"content":{"rendered":"


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The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said<\/a> in a statement that the new project was for research purposes only, and not intended to develop an operational CBDC.<\/p>\n

The bank began<\/a> studying CBDC in 2020, releasing a discussion paper in March of that year, which the DCI responded<\/a> to with a discussion of how a CBDC could meet the objectives stated in the paper. The bank and the treasury headed up an exploratory task force<\/a> on the matter last April. The bank\u2019s latest discussion paper on CBDC was released<\/a> Thursday.<\/p>\n

Other voices have entered the discussion as well, with the House of Lords Economic Affairs Committee, for example, expressing mixed sentiments<\/a> about a potential digital pound early this year, pointing out \u201cadvantages on speed of settlement and cheaper and faster cross-border payments,\u201d along with \u201cchallenges for financial stability and the protection of privacy.\u201d<\/p>\n

The Bank of England joins the Federal Reserve Bank of Boston and the Bank of Canada as CBDC research partners at the DCI, which is the originator<\/a> of the OpenCBDC project. The Bank of Canada announced its year-long joint research<\/a> effort last week, while the Boston Fed kicked off its collaboration<\/a> with the DCI in 2020. <\/p>\n

MIT is hardly alone in the field, however. About 60 countries are currently researching<\/a> CBDCs, and there are about 15 pilot projects underway, including China\u2019s homegrown digital yuan. Australia, Malaysia, Singapore and South Africa participated in the Bank of International Settlement<\/a> Innovation Hub\u2019s Project Dunbar. Nigeria and the Bahamas have already launched their CBDC, and Jamaica is expected to do so this quarter<\/a>. Nigeria\u2019s eNaira was developed by private fintech firm<\/a> Bitt. <\/p>\n<\/div>\n


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The Bank of England announced Friday that it had reached an agreement with the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI, on a joint twelve-month research project on Central Bank Digital Currency, or CBDC. The bank said in a statement that the new project was for research purposes only, and not […]<\/p>\n","protected":false},"author":1,"featured_media":11818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[38],"tags":[223,1113,1421,246,271,6608,6607,105,206,4171],"class_list":["post-11817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-adds","tag-bank","tag-cbdc","tag-currency","tag-digital","tag-england","tag-mit","tag-partners","tag-research","tag-stable"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNzg1ZDA4NWUtYjk0Ny00NmQwLTgyOTQtNWZhNDU5Y2MxY2I1LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11817"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11817\/revisions"}],"predecessor-version":[{"id":11819,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11817\/revisions\/11819"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/11818"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11817"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}