As several countries globally make serious considerations for a CBDC, the bank of England will be joining roundtable discussion on the 19th of August, with other central banking institutions.
The meeting, which will be hosted by the Official Monetary and Financial Institutions Forum (OMFIF), comprises delegates from various central banks, including the Swiss National Bank, and the Hungarian National Bank. Other private sector professionals, such as ING Nederland and Cypherium blockchain, will be represented.
One of the priority items on the agenda of this meeting will be how blockchain technology can be used in deploying the various CBDC models presented by member countries. This discussion will also include how smart contracts will be applied to aid automation and reduce human inputs, which leads to error, and the interoperability of the various blockchains that would be involved in a CBDC framework, both domestic and international.
According to Sky Guo, the CEO of Cypherium, the best time to discuss the modalities for implementing a CBDC and the choice of an appropriate framework, is now when the CBDC development is still at infancy.
The meeting will also be an opportunity for the various central bank delegates to report the findings gathered by their internal research and development team.
The OMFIF also noted the role that big tech companies like Facebook have played in prompting the central bank groups to start doing serious research in CBDC deployment possibilities.
Source: Cointelegraph
