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 that during a recent meeting of technologists hosted by the BoE to discuss digital pound design, there was a clear disagreement on which ledger should be used for the CBDC. Thus, the bank aims to trial multiple ledger technologies, including blockchain.
Dubbed Britcoin, the development plans for a digital pound were first proposed when the United Kingdom’s Treasury Department and the BoE established a joint task force to research a U.K. CBDC in April 2021. Later, in February 2023, the bank issued a consultancy paper outlining the design of the digital pound.
Currently, the BoE and His Majesty’s Treasury are seeking feedback from the stakeholders and technology experts on the proposed design of the CBDC. The feedback is open until June 30.
Related: Digital pound could co-exist with private stablecoins
Mutton, during his interview, said that during a recent meeting of technologists hosted by the BoE to discuss digital pound design, there was a clear disagreement on which ledger should be used for the CBDC. Thus, the bank aims to trail multiple ledger technologies including blockchain.
Cointelegraph reached out to BoE to enquire about what other ledger technologies they were considering or on trial and was redirected to the consultancy paper. However, BoE did not respond at the time of writing.
Apart from the discussions around the ledger technology, Mutton also talked about
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