GDF submits a response to the Bank of England’s Digital Pound Consultation

GDF recently submitted a response to the Bank of England’s consultation paper on, “The Digital pound: A new form of money for households and businesses?”

The input to this response has been curated through a series of discussions and roundtables, and GDF is grateful to our members’ contributions.

The response provided input on recent trends in payments, and the opportunities and risks they entail; the responsibilities of private sector set out in the ‘platform model’; implications of a digital pound on privacy and personal data, and what design models of a digital pound best support financial inclusion.

Overall, GDF supports a future-proof approach, built around creating a payments network that has head room for innovation and can service payments for decades to come. We believe this outlook will help the Bank of England develop strategies for implementing a central bank digital currency (CBDC) approach towards how a CBDC network and infrastructure can impact the future developments and transformations of innovative payment systems towards a digital economy.

Please read our full response