September 28, 2021

Volume XI, Number 271

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September 27, 2021

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UK Announces New Central Bank Digital Currency Taskforce

On April 19, the Bank of England (BoE) and HM Treasury announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to explore a potential UK CBDC. A CBDC would be a new form of digital money issued by the BoE and would exist alongside cash and bank deposits to be used by households and businesses.

The CBDC Taskforce aims to:

  • coordinate exploration of the benefits and risks of a potential UK CBDC;

  • evaluate the design features necessary to display a CBDC;

  • produce a rigorous and comprehensive assessment of a potential UK CBDC; and

  • monitor international CBDC developments to ensure the UK stays at the forefront of global innovation.

The BoE also announced the creation of the following:

  • CBDC Engagement Forum to engage stakeholders and gather all non-technological information of CBDC to understand the practical challenges of the system and how it may affect public and private sectors.

  • CBDC Technology Forum to engage stakeholders and gather all technological information of CBDC to understand the technological challenges.

  • CBDC Unit to act as the BoE’s internal exploration surrounding CBDC and engage with other UK and international authorities.

Bank of England Statement on Central Bank Digital Currency

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume XI, Number 113
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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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