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CBDC

The central banks of Italy and South Korea announced a memorandum of understanding in the development and deployment of their respective CBDCs.

The Bank of Italy announced on Dec.

According to the Italian central bank, this memorandum of understanding will entail the “mutual sharing of knowledge and information” when it comes to information and communication technology (ICT) issues.

Particularly, it mentioned ICT issues related to real-time settlement systems and central bank digital currencies (CBDCs).

The announcement said the meeting was attended by the general manager of the Bank of Italy, Luigi Federico Signorini, who signed off on the agreement.

Throughout the last year both countries have been exploring CBDCs, though with different approaches.

In Italy, the central bank has mainly been focusing on interoperability in its solutions for settling distributed ledger technology (DLT)-based transactions via hash linked contracts, rather than a wholesale CBDC approach as is the case with other European countries.

Meanwhile South Korea has already begun to pilot its CBDC infrastructure technology as of October of this year.

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Bank of England

The U.K. Parliamentary Committee fears that an official launch will demand a significant investment, adding that “It is not clear to us at this stage whether the benefits are likely to outweigh these risks.”

The United Kingdom Parliamentary Committee, House of Commons, has asked the Bank of England and Treasury to carry out further consultative work to determine the benefits of launching a digital pound.

The groundwork and tests related to the launch of a central bank digital currency (CBDC) incurred significant costs for the Bank of England and Treasury, according to a House of Commons Treasury Committee report.

“It is important that the Bank of England and Treasury keep control of these costs to avoid spending more than necessary on a digital pound that might not proceed to being built.”

The ongoing tests of an English CBDC highlighted numerous benefits concerning issuance, distribution and privacy, among others.

The committee asked England’s central bank to avoid speculating that “a digital pound can fix problems it can’t” and to ensure that a digital pound does not worsen the financial exclusion precedent set by the fiat economy.

While the Bank of England and HM Treasury see the need for a digital pound in the future, committing to build the infrastructure for one requires further preparatory work.

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UK Legislators urge caution in retail digital pound rollout

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CBDC

The committee’s report recommends imposing lower initial limits on the value of retail digital pounds to alleviate the risk of potential bank runs amid market instability.

British legislators are urging a careful stance regarding implementing a retail digital pound.

Members of the Treasury Select Committee have expressed reservations regarding the possible launch of a retail digital pound, underscoring the need for thoughtful examination before execution.

In the interim, the committee’s report recommends imposing lower initial limits on the value of retail digital pounds to alleviate the risk of potential bank runs amid market instability.

*Screenshot of the Treasury Committee report Source: UK Parliament*

The report addressed privacy concerns, recommending that any legislation introducing a digital pound should strictly limit the use of data by the government or the BoE.

The report proposes that in the event of legislation for the introduction of a digital pound, it should expressly limit the Government and Bank of England from utilizing data acquired through the digital pound for purposes beyond those already sanctioned for law enforcement.

Committee chair Harriett Baldwin stressed the need for compelling evidence before contemplating the introduction of a retail digital pound.

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Digital Canadian dollar fails to impress despite high awareness

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Canada

People who were aware of CBDCs were more reluctant to adopt the technology when compared to those who didn't know about it.

A recent public consultation on Canada’s central bank digital currency (CBDC) initiative revealed an overall negative sentiment from Canadians, confirming the Bank of Canada’s concerns around its country-wide adoption.

Through the ‘digital Canadian dollar public consultation,’ the Canadian central bank intended to identify a place for CBDCs in a world currently dominated by digital fiat payments such as credit cards. However, in a survey that amassed 89,423 responses, Canadians demanded regulations that would require merchants to accept cash as a form of payment.

*Awareness of a digital Canadian dollar. Source: bankofcanada.ca*

Bank of Canada’s report shows that nearly 95% of the respondents either heard or were familiar with the concept of a digital Canadian dollar. While awareness stands as one of the key factors for widespread adoption, the metric doesn’t hold true for Canada.

*Canadians demand regulation for cash acceptance if CBDCs were to be introduced. Source: bankofcanada.ca*

93% of the respondents primarily make paper cash payments daily but also use credit and debit cards and other modes of online payments. In addition, just 15% of the respondents held Bitcoin (BTC) and other cryptocurrencies.

Most respondents advised the Bank of Canada to stop researching and building the capability to issue a digital Canadian dollar. However, the public believes that their feedback will not be considered for the CBDC initiative.

*Survey asked if Canadians would prefer using a digital Canadian dollar instead of current payment methods. Source: bankofcanada.ca*

Nearly all respondents preferred using existing forms of payment over CBDC. Surprisingly, people who were aware of CBDCs were more reluctant to adopt the technology when compared to those who didn't know about it.

Additionally, the small demographic of respondents who previously held crypto showed more interest in using CBDCs.

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