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Bank of England Reveals Plan to Test Wholesale CBDC and Digital Ledger
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The Bank of England (BoE) has announced plans to conduct a series of experiments with distributed ledger technology (DLT) and wholesale central bank digital currencies (wCBDC).
This initiative seeks to keep pace with the evolving payments landscape by evaluating the benefits and risks of developing financial technologies.
Governor Andrew Bailey stressed the significance of the wholesale CBDC (wCBDC) experiment in a discussion paper published on July 30, saying:
“Confidence in money and payments is fundamental to the Bank’s responsibility for monetary and financial stability. As innovation in this space continues, our role must also evolve to support a robust and dynamic U.K. economy.”
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