International Regulatory Strategy Group
Published 21 Jun 2023
The IRSG welcomes the opportunity to respond to the Bank of England's (BoE's) Consultation Paper (CP) on the case for a central bank digital currency (CBDC). In summary, IRSG is ready to explore together with the BoE and the market what problems retail CBDC aims to solve and (if warranted), through this intermediate step of exploration, clearly articulate the value a digital pound can bring. In this vein, clarity is required, in particular on the continued collaboration with and the role of the private sector. It may also be that there are alternative plans or options which would solve the same issues raised in the CP without necessitating an overhaul of the payments infrastructure.
We look forward to continuing to support BoE and policy makers in their exploration of a digital pound.