The Bank of England has a vision for the digital pound. But first, it has to decide whether “Britcoin” is worth building in the first place. 

The BOE wants to make a cash-like alternative to the banknote—an instrument that works like cash and holds its value but won’t accrue interest or become a tool of speculators.

Right now, the bank is seeking input from Britons on whether such a central bank digital currency, or CBDC, can work or even makes sense. The period during which the BOE will take submissions began Feb. 7 and ends this week on June 30. At that point, the bank will evaluate all the advice it’s received and spend the next few years evaluating the technology and policy requirements before making a final decision. 

The person leading those efforts is Tom Mutton, head of the central bank’s CBDC project. Reporter Emily Nicolle spoke to Mutton about the BOE’s plans and you can hear some of that conversation on this week’s episode of Merryn Talks Money. Nicolle joins hosts Merryn Somerset Webb and Senior Reporter John Stepek to explain what a CBDC is, why the BOE sees value in developing one and what privacy concerns are being raised. 

The Bank of England has a vision for the digital pound. But first, it has to decide whether “Britcoin” is worth building in the first place.  The BOE wants to make a cash-like alternative to the banknote—an instrument that works like cash and holds its value but won’t accrue interest or become a tool of speculators.
Right now, the bank is seeking input from Britons on whether such a central bank digital currency, or CBDC, can work or even makes sense. The period during which the BOE will take submissions began Feb. 7 and ends this week on June 30. At that point, the bank will evaluate all the advice it’s received and spend the next few years evaluating the technology and policy requirements before making a final decision.  The person leading those efforts is Tom Mutton, head of the central bank’s CBDC project. Reporter Emily Nicolle spoke to Mutton about the BOE’s plans and you can hear some of that conversation on this week’s episode of Merryn Talks Money. Nicolle joins hosts Merryn Somerset Webb and Senior Reporter John Stepek to explain what a CBDC is, why the BOE sees value in developing one and what privacy concerns are being raised.

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

Merryn Talks Money

BONUS: The Bank of England’s Big Decision on Digital Currency

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a7b632a7-1f6b-45a2-ac9e-b02d01519383/transcript