PayPal And Google Execs Will Help Bank Of England Learn About Crypto

PayPal and Google executives together will help the Bank of England to learn more about crypto and to understand it better as we are reading more in our latest cryptocurrency news.

The Bank of England started researching a central bank’s digital currency and it announced members of two forums that will help the bank learn how a CBDC could help the UK and it will learn thanks to the help of PayPal and Google executives. The Bank of England announced members of two forums that will learn about a central digital currency in the UK. CBDCs are a digital version of fiat currency just like the pound sterling and the euro or dollar, backed by a central bank. Countries across teh world are now researching the benefits of developing them so some countries like China already rolled out the testing strategies of the CBDC project.

The UK has been quite slow so far around the creation of central bank digital currencies and only announced research into such an asset. However, today’s announcement shows that the Bank of England is consulting with some tech experts. The forum will provide feedback on the research on how a CBDC can work in the UK. They will also help the Bank to understand the technological challenges of designing, operating, and implementing a CBDC as the announcement read.

The embers of the CBDC Engagement Forum and CBDC technology forum include Edwin Aoki who is a CTO at PayPal, Matthieu Saint Olive who is a CBDC payment manager at Consensys, and Ashley Lannquist who is the lead blockchain and digital currency at the World Economic Forum. Other members include Mark Shaw- director of global payments strategy for Spotify, Charlotte Hogg who is the CEO of Visa Europe, and Diana Layfield, the EMEA partnerships president at Google. The two forums merged in April to explore whether the CBDC will fork in the UK and the goal here is to complement cash but will be a faster and more secure way of sending money and making payments.

Bank of England’s head Andrew Bailey said a few times that he doesn’t consider decentralized digital assets like BTC to be money but did say that assets pegged to fiat currencies could become a very important part of the future financial landscape.

Source: https://www.dcforecasts.com/altcoin-news/paypal-and-google-execs-will-help-bank-of-england-learn-about-crypto/