The Bank of England has teamed up with the Massachusetts Institute of Technology (MIT) for a 12-month research project around central bank digital currency (CBDC).
The Bank will work alongside the MIT Media Lab’s Digtial Currency Initiative team to explore potential technical challenges, trade-offs, opportunities and risks involved in designing a CBDC system.
This collaboration is part of the Bank of England’s wider research and exploration of CBDCs and will focus on the exploration and experimentation of potential technology approaches.
Its work will not be to develop and operational CBDC and no decision has been made as to whether a CBDC should be introduced in the UK. This research will serve as information for wider policy thinking for CBDC.
MIT recently signed a similar collaboration with the Bank of Canada. Their work is also focused on technology approaches to determine how CBDCs work. No decision has been made for the adoption of CBDCs in Canada.
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