{"id":80866,"date":"2023-06-28T10:15:09","date_gmt":"2023-06-28T07:15:09","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80866"},"modified":"2025-09-11T19:35:08","modified_gmt":"2025-09-11T16:35:08","slug":"bank-of-england-digital-pound-could-run-on-conventional-software-not-blockchain","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bank-of-england-digital-pound-could-run-on-conventional-software-not-blockchain\/","title":{"rendered":"Bank of England: digital pound could run on conventional software, not blockchain"},"content":{"rendered":"<p>The Bank of England (BoE) digital pound may ultimately run on conventional software rather than blockchain. This was stated by Tom Matton, the head of the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a> project, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-27\/britcoin-may-not-actually-be-on-blockchain-boe-exec-says?sref=AACmJ2tc\">Bloomberg<\/a>.<\/p>\n<p>According to him, authorities are currently weighing the case for creating a \u201cBritcoin.\u201d At a recent technologists\u2019 meeting, no one agreed with anyone else, Matton noted.<\/p>\n<p>The Bank plans to trial several ledgers, including public blockchains. Proponents say the technology is more efficient than traditional payment systems.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cWe definitely want to be compatible with private-sector distributed-ledger business models, but we were not sure they offered greater efficiency than conventional systems,\u201d a BoE spokesperson said.<\/p>\n<\/blockquote>\n<p>The CBDC is likely to be issued without branding from the Bank of England, as consumers would access digital pounds via wallets developed by third-party companies.<\/p>\n<p>In April 2021, the BoE and the Treasury <a href=\"https:\/\/forklog.com\/en\/news\/uk-authorities-set-up-a-joint-working-group-to-study-cbdc\">created a joint working group<\/a> to study the CBDC. The Lords\u2019 Economic Affairs Committee <a href=\"https:\/\/forklog.com\/en\/news\/britain-begins-study-of-cbdcs\">joined<\/a> the process.<\/p>\n<p>The department <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-to-hold-public-consultations-on-digital-pound-in-2022\">initiated<\/a> the first public discussions on \u201cBritcoin\u201d in 2022. Officials studied use cases, key issues and potential implications of implementing the technology for business and individuals.<\/p>\n<p>But later, BoE Governor Andrew Bailey <a href=\"https:\/\/forklog.com\/en\/news\/boe-chief-questions-the-case-for-a-digital-pound\">doubted<\/a> the need for a digital pound.<\/p>\n<p>In February 2023, the UK Chancellor of the Exchequer Jeremy Hunt <a href=\"https:\/\/forklog.com\/en\/news\/uk-chancellor-jeremy-hunt-says-digital-pound-could-launch-after-2025\">stated<\/a> that the CBDC launch is possible within this decade, but not before 2025.<\/p>\n<p>As reported, the head of the BoE\u2019s digital division Katy Fortune <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-envisions-coexistence-of-cbdc-and-cryptocurrencies\">allowed the existence of<\/a> an ecosystem of different forms of money, including national currencies, crypto assets and <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of England (BoE) digital pound may ultimately run on conventional software rather than blockchain. This was stated by Tom Matton, the head of the CBDC project.<\/p>\n","protected":false},"author":1,"featured_media":80867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[216,1095,810],"class_list":["post-80866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-england","tag-cbdc","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80866"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80866\/revisions"}],"predecessor-version":[{"id":80868,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80866\/revisions\/80868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80867"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}