New Green Paper outlines digital future for the British pound
dailyrecord.co.ukProject New Era, a ground-breaking initiative in the UK led by The Payments Association, paywith.glass and other private industry stakeholders, supported by Boston Consulting Group (BCG) as its consulting partner, has published its Green Paper report, ‘A New Era for Money’.
The paper advocates for a first of its kind collaboration between central banks, regulators, commercial banks and other financial institutions (FIs) towards the exploration of a retail Central Bank Digital Currency (CBDC) in the UK.
The Green Paper will be followed by real-world pilots to address open design questions and mitigate risks. The pilots will generate working data and feedback that central banks and policymakers can use to inform open design questions and enable relevant authorities to make policy decisions.
CBDCs have emerged in recent years in response to the decline in cash payments, the search for payment efficiencies and the emergence of private digital currencies, such as cryptocurrencies and stablecoins.
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