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The Impact of Digital Currency on the Future of Payments

Published: 2020-11

Organization: WTT-FPWG

Tags: cbdc, crypto, central, bank, Distributed ledger, securities settlement, CSD, post-trade industry, payments,

Overview: Engagement with both industry and the public will be a vital component of any roadmap for successful adoption of a CBDC. The roll-out and adoption strategy should be phased in order to minimise disruption and to maximise successful take-up by all user groups, as well as ensuring that the full benefits associated with the digital Pound can be realised. As with all large-scale roll-outs of new technology infrastructure, there will be a need for testing, sandbox rollouts and targeted roll-outs to specific, discrete user groups, before wider adoption is attempted. Interoperability with existing systems and with other CBDC payment systems globally will also require testing.

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