New Forms of Digital Money

Published 

Global Digital Finance (GDF) welcomes the publication of the Bank of England Discussion Paper on new forms of digital money. It follows the extensive work that the U.K. Government has been doing in the digital assets and will no doubt act as a catalyst in the space. This is an important step by the Bank of England and follows on from the work that HM Treasury has been doing earlier this year. GDF makes itself available to assist the Bank of England and HM Treasury in and will act as an industry resource in their work on stablecoins and CBDCs.

Lawrence Wintermeyer, Executive Co-Chair at Global Digital Finance says, “This is an area that GDF has been working closely through convening industry discussion and input on behalf of the Kalifa Review, the HMT Consultation paper on Stablecoins, and last year’s Bank of England Discussion Paper on CBDCs. We are starting to see all these strands come together and look forward to the next steps to help lead these digital innovations.

“The UK is a leader in innovation in the finance sector, and is at an important juncture where new forms of digital money offer unlocking great potential in delivering money faster, cheaper, and more efficiently to consumers and businesses. The timely implementation of a CBDC in the U.K. will attract an influx of industry into the U.K., bourgeoning new industry activity, and boosting economic growth.”

Lavan Thasarathakumar, Director of Regulatory Affairs EMEA, says, “The U.K. is taking a very considered approach to this area and must avoid innovation in the digital asset space being tied down by weighty and disproportionate regulation. This was the sentiment when initial discussions were moving in the direction of stablecoin issuers needing to obtain a banking or a banking-like license to operate. GDF has been advocating to the Bank of England and HM Treasury that a more proportionate approach must be taken that reflects the risk profile of stablecoins.

“Similar to the creation of the e-money regulations that allow for more proportionate regulation for the activity that EMIs conduct, an approach is required to create a more effective way of regulating new digital payments that engenders trust and confidence to citizens. We are encouraged to see that the Bank of England has included this in the paper.”

Most recent episodes

£15 Billion Stimulus Pumped into UK Economy to Ward Off Recession Fears

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th June...

04:44

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY's distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event, explain...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI's Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI's Editor, Eleanor Hill, to explore the very latest treasury trends - and to discuss how smart treasurers can get ahead of th...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI's Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14

The 3 T’s of The Future: Tech, Treasury, and Transformation

Over the past two years, an increasingly dynamic environment has not only accelerated technology development – from quantum computing to blockchain technology, and even the metaverse – but also technology adoption, bridging colleagues and breaking down silos in a remote work world. In this podcast,...

44:02

Monetary Policy Continues to Drive Markets as Ukraine Invasion Weighs on March Meetings

Welcome to the second edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 3rd of...

05:25