Digital pound will be pseudonymous with a focus on privacy: BoE CBDC chief

The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology. In the interview, Mutton said [...]

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US explores additional bank support, favoring First Republic's benefit: Report

Despite banking laws stating that remedies should not be aimed at benefiting a specific bank, this change could be structured “in a way to ensure” First Republic benefits, according to unnamed sources.

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US contemplates ‘expanding’ emergency lending facility for banks: Report

United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address its balance sheet concerns, according to people with knowledge of the situation. In a March 26 Bloomberg report citing unnamed sources, it was reported that U.S. officials [...]

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Study Shows Bank of England’s Rising Interest Rates Threaten 1.2 Million UK Households With Insolvency

The Bank of England made an impactful move last Thursday, June 22, 2023, as it raised the benchmark bank rate to 5%, marking a significant 0.5 percentage point increase. This decision catapults the central bank’s rate to its highest level since 2008 and represents the most substantial surge in three months. Coinciding with this development, [...]

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7 central banks and BIS continue examination of ongoing policy issues for retail CBDC

The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.

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Bank of England Tests DLT Settlement System

The Bank of England and the BIS Innovation Hub London Center successfully tested a distributed ledger technology-powered settlements system through Project Meridian, which could be extended to other asset classes to reduce time, costs, and risks of transactions. (Read More)

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Bank of England halts Silicon Valley Bank UK branch operations

The Bank of England has ordered the Silicon Valley Bank's UK branch to halt its operations as it has limited presence and no critical functions supporting the financial system. The bank will be placed into a Bank Insolvency Procedure, and eligible depositors will be paid out by the Financial Services Compensation Scheme up to the protected limit of £85,000, with the remaining assets and liabilities being managed by bank liquidators. UK venture capitalists and a nonprofit organization have expressed concern as several startups and investors have significant exposure to the SVB UK, including prominent blockchain VCs who have over $6 billion in assets at the bank. (Read More)

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UK regulators moving “at pace” to deliver a plan for tech firms hurt by SVB collapse

An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.

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UK's Bank Regulator to Propose Rules for Digital Asset Issuance

The Prudential Regulatory Authority (PRA) in the United Kingdom is set to propose rules for issuing and holding digital assets, according to Vicky Saporta, executive director of the Prudential Policy Directorate at the Bank of England. The rules will be developed in compliance with the Basel III rules and the Financial Services and Markets (FSM) bill currently being considered by Parliament. (Read More)

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UK lacks expertise for central bank digital currency

UK is unlikely to issue a central bank digital currency (CBDC) as the Bank of England lacks the necessary technical skills, according to Jon Cunliffe, the deputy governor. The BoE plans to partner with the private sector to test a digital pound in a simulated environment, with the aim of gaining the required expertise to develop a working prototype. (Read More)

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Bank of England has no tech skills to issue CBDC yet: Deputy governor

BoE deputy governor Jon Cunliffe compared a potential digital pound with Apple’s iPhone app store as it could “open a new frontier for people to improve payments.”

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UK banking regulator to propose crypto issuing, holding rules after Basel 3 finalized

The Bank of England Prudential Regulatory Authority will facilitate international economic growth under the Financial Services and Markets bill now in Parliament.

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The United Kingdom Tax Reform Council Launches Campaign Against Bank of England

UK Tax Reform Council and Bitcoin community worry over Bank of England's CBDC intentions. (Read More)

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UK think tank launches a crusade against 'surveillance' CBDCs

The Bank of England's plans for a CBDC launch raises concern among UK Tax Reform Council and the broader Bitcoin community.

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The UK is a step closer to launching a central bank digital currency

The Bank of England thinks crypto stablecoins and a central-bank-issued "digital pound" might coexist. (Read More)

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The Bank of England and the United Kingdom's Treasury are working on a digital asset

UK's finance minister said the Digital Pound's goal is to create a "trust, accessible, and easy-to-use" digital asset. (Read More)

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Bank of England Sets Pound Limit on Digital Currency Holdings

The Bank of England is considering digital currency integration and a 10,000-20,000 pound cap on individual holdings for security and stability.

Continue reading Bank of England Sets Pound Limit on Digital Currency Holdings at DailyCoin.

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Bank of England Releases Paper on Digital Pound CBDC

The central bank of Britain is pushing forward with its CBDC (central bank digital currency) plans with the release of a new consultation paper on the digital pound.

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UK’s digital pound would modernize payments but won't replace cash: Minister

Finance minister Jeremy Hunt says the digital pound, or “Britcoin,” would be issued and backed by the Bank of England, but it won’t negate the use of cash.

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U.K. Central Bank and Treasury Believe Digital Pound is Needed

The Bank of England predicts a UK CBDC by 2030. (Read More)

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