Bank of England Publishes Working Paper Exploring State-Backed Crypto

[kreslik.news]

The Bank of England has published a staff working paper examining the risks associated with the creation of central bank digital currencies, which the paper refers to as CBDCs.

Three models of a CBDC are laid out in the paper, each with a different set of sectors that have access to the CBDC.

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The narrowest model, the Financial Institutions Access model, grants restricted access to to the CBDC by banks and non-banking financial institutions. In this model, financial institutions are granted the ability to interact directly with the Bank of ... (read more)