Bank of England Unveils CBDC Forum Members, Including Reps From Asos, PayPal and Spotify

Representatives from such companies as Asos, PayPal and Spotify have been named to the Bank of England’s forum that will explore a potential U.K central bank digital currency (CBDC).

• The Bank of England announced the members of the engagement and technology forums on Wednesday. The engagement forum will explore the practicalities of designing, rolling out and operating a CBDC, while the technology forum will examine the technological challenges.
• Among the 26 members of the technology forum are Simon Brayshaw, head of technology for online fashion retailer Asos; Mark Shaw, director of global payments strategy for music streaming provider Spotify; and James Whittle, director of standards and architecture for payments giant PayPal.
• Representatives from HSBC, Mastercard, Morgan Stanley, Standard Chartered and Visa are all included on the engagement forum, as is Anne Boden, founder and CEO of digital bank Starling, and Christian Catalini, chief economist for the Facebook-backed Diem Association.
• The formation of the two forums was announced in April to explore a potential U.K. CBDC that would exist alongside cash and bank deposits.
• Agendas and minutes of the forums’ meetings will be published regularly, the Bank of England has said. The technology forum’s inaugural meeting took place earlier this month, and the engagement forum is set to meet for the first time later in the year.

Read more: UK Parliament’s House of Lords Launches CBDC Inquiry