U.K.
Binance Blocks Accounts Linked to Relatives of Senior Russian Officials
Digital asset exchange Binance has blocked accounts tied to relatives of government officials in Moscow. Amid mounting international penalties over Russia’s invasion of Ukraine, the trading platform said it will continue to check for users associated with sanctioned individuals. Crypto Exchange Binance Bans Children of Top Russian Figures Binance, the world’s leading cryptocurrency exchange, has […]U.K. Government to Mint NFT in Bid to Embrace Crypto
U.K. Financial Regulator Moves To Shut Down Crypto ATMs
The United Kingdom’s Financial Conduct Authority (FCA) says all currently operating crypto ATMs in the country are to be shut down immediately. The FCA notes in a new warning on Thursday that no crypto asset firms in the UK have been approved to offer crypto ATM services. Digital asset ATMs need to be registered and […]
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Cryptoeats Disappears After Raising £500K From Token Sale
Cryptoeats, a company that reportedly raised 8 million in a Series A funding round to build a crypto-based Ubereats alternative, disappeared after launching its token. According to estimations, the startup might have taken more than £500K from investors after the launch of its official token dubbed “eats.” The alleged scam was promoted by UK influencers […]Competition and Hype Drive Young Crypto Investors, UK Watchdog Finds
A sizable majority of young investors seeking high-risk opportunities are motivated by competition and hype, a new survey has indicated. They often turn to cryptocurrency and forex products, according to the poll conducted by the U.K.’s financial regulator. FCA Launches ‘Investsmart’ Campaign Targeting Risk Prone Investors The U.K.’s Financial Conduct Authority (FCA) has carried out […]Digital Pound Foundation launches to promote CBDC development in the UK
The think tank wants to ensure the United Kingdom keeps pace with the developments in the emerging digital landscape.
The Digital Pound Foundation (DPF), a group of technology, innovation, and regulatory experts, has announced its launch as an independent non-profit organization in the U.K.
According to a release issued on Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country.
Indeed, as previously reported by Cointelegraph, the U.K. government in April established a CBDC task force to explore preliminary matters related to the creation of a national digital currency.
The DPF, as part of its stated mandate, will carry out research and engage in collaboration with stakeholders to support the U.K.’s CBDC project.
In addition to supporting developmental efforts, the foundation will also reportedly advocate for robust regulations for the U.K.’s CBDC project as well as favorable legal provisions for privately issued digital currencies.
According to Jeremy Wilson, chairman of the DPF, the social and technological ramifications of a CBDC for the U.K. are profound, hence the need for creating the group to provide the necessary support to all stakeholders.
The DPF may likely join the cast of payment and fintech experts already lined up by the Bank of England to contribute to the U.K’s CBDC development efforts.
Recently, famous whistle-blower and former United States Central Intelligence Agency agent Edward Snowden described CBDCs as a perversion of cryptocurrencies.
In a written note to Cointelegraph, Wilson offered a different opinion, stating, “Our view is that CBDCs should not be considered on the same spectrum as cryptocurrencies. The two are fundamentally different in their conceptualization, and in the use cases to which they would respectively be applied.”
Related: UK chancellor names CBDC on list of financial reforms for Treasury
According to the announcement, Wilson and the other originating members of the DPF are joined by associate members including Ripple, Quant, Electroneum and The Realization Group.
Electroneum CEO Richard Ells will also serve as a member of the board of directors of the DPF. According to Ells, CBDCs have the potential to contribute meaningfully to promoting greater financial inclusion across the globe.
In a survey of 2,500 adults in the U.K. published back in August, 30% of participants stated their belief that a CBDC could cause more harm than good in the country.
Millions of Wix Merchants Can Now Accept 12 Different Cryptocurrencies
On Tuesday, the Atlanta-based cryptocurrency payments company Bitpay announced the Israeli software company Wix has enabled its Software as a service (SaaS) e-commerce product to accept crypto-asset payments. The integration will allow Wix merchants to accept 12 different cryptocurrencies such as bitcoin, dogecoin, bitcoin cash, ethereum, litecoin, and stablecoins as well. SaaS Platform Wix Implements […]Bank of England unveils all-star payments and tech lineup for CBDC Forums
Executives and experts from Google, Amazon, PayPal and ConsenSys will be assisting Britain’s central bank with its CBDC research.
The United Kingdom’s central bank is ramping up its research into a central bank digital currency (CBDC) with the selection of a long list of banking and fintech experts to assist it.
On Sept. 29 the Bank of England announced the membership of its CBDC Engagement and Technology Forums and they include some big names in technology and finance including Google, Mastercard, Consensys — and even Spotify.
This week’s announcement is a signal that the central bank is taking its CBDC plans seriously. It stated that the Technology Forum draws resources from leading experts in the field of digital payments and cryptocurrencies.
“The Forum will help the bank to understand the technological challenges of designing, implementing and operating a CBDC.”
The Engagement Forum includes “senior stakeholders from industry, civil society, and academia,” that will assist the bank and Treasury to “understand the practical challenges of designing, implementing and operating a CBDC.”
Technology experts include PayPal’s blockchain and cryptocurrency Chief Technology Officer, Edwin Aoki. Principal Software Engineer at Google, Will Drewry, joins him as does CBDC and Payments Manager Matthieu Saint Olive from Ethereum software solutions firm ConsenSys.
The Technology Forum also includes executives and payments experts from Amazon Web Services, MasterCard, Visa, Stripe, IMB, R3, and music streaming platform Spotify.
The Engagement Forum is comprised of banking executives and business experts including co-CEO of Global Banking and Markets at HSBC, Georges Elhedery, Morgan Stanley's COO Arun Kohli, and Stephen Gilderdale, Chief Product Officer at interbank communication standard SWIFT.
Related: UK chancellor names CBDC on list of financial reforms for Treasury
The Bank of England began tentatively researching CBDCs in November 2020 as reported by Cointelegraph. In April, the central bank posted a list of vacancies related to CBDC research and development.
It remains skeptical of cryptocurrencies however, with Bank of England Governor Andrew Bailey warning about the risks of trading cryptocurrencies in May, telling investors “buy them only if you’re prepared to lose all your money.”
UK’s Standard Chartered to Offer Crypto Brokerage Services in Ireland
British bank Standard Chartered will offer cryptocurrency broker services in Ireland through its Zodia Custody subsidiary. The digital asset custodian will focus on signing up institutional investors in the Republic which has become a European base for many financial institutions and crypto companies. Standard Chartered to Provide Crypto Custody to Institutions in Ireland Zodia Custody, […]