Sir Jon Cunliffe, Deputy Governor of the Bank of England

In April this year, the Bank of England and HM Treasury together announced the creation of a Central Bank Digital Currency (CBDC) taskforce. Established to explore the potential of a UK CBDC and keep pace with financial innovation, this initiative follows the path of other central banks, with the People’s Bank of China having already piloted a digital yuan, and the European Central Bank hoping to launch a digital euro by 2025. To ensure the UK keeps pace with this major, disruptive shift in finance and central banking, this taskforce will engage with a broad set of stakeholders to consider the benefits, risks, and practicalities of a UK CBDC.

To update Corporate Members on the prospects and potential of a UK CBDC, Asia House will welcome back Sir Jon Cunliffe, Deputy Governor of the Bank of England and co-chair of this new taskforce, for a briefing on Wednesday 14 July.

Alongside providing an update on the progress and findings of the taskforce so far, Sir Jon will brief members on the drivers behind the UK’s decision to establish this taskforce, and the state of development of alternative CBDCs elsewhere in the world.

Central Bank Digital Currencies use blockchain technology to strengthen central bank oversight and have the potential to revolutionise finance.  Potential benefits include the lowering of transaction costs, increasing access to finance, and ensuring that central banks retain control over monetary policy against the risk of payments migrating into cryptocurrencies.

The widespread introduction of CBDCs has the potential to significantly disrupt the global payments system and the longstanding dominance of the US dollar, and as such, being at the forefront of thinking and implementation of CBDCs is emerging as a priority for central banks around the world.

This briefing is being held exclusively for Asia House Corporate Members. Find out more about Corporate Membership at Asia House.

To register interest in joining this briefing, please email Edward Danks: edward.danks@asiahouse.co.uk