If the regulator makes a positive decision regarding the issuance of CBDC, the Bank of England does not plan to create a wallet for retail use cases of the national digital currency. Such information to the publication The Block said Cathy Fortune, senior manager of the CBDC division of the regulator.
“I’m sure the release [Банком Англии] retail wallet is unlikely,” she said.
Fortune also added that such products will be developed much faster by the private sector.
At the moment, the Bank of England does not have a final decision on the launch of the CBDC. Until the end of 2022, the Central Bank together with the UK Treasury will hold public consultations on this topic.
According to Fortune, the lion’s share of the technical aspects of the new tool have not yet been agreed. And until today it is not clear whether the CBDC will be based on blockchain technology.
“This is still an open question for us. It’s not taken for granted that the tool will be built on the blockchain, but it’s also not taken for granted that it won’t,” Fortune said.
The regulator collects the opinions of experts from among representatives of banks, fintech companies and scientists.
In addition, Fortune said that the UK’s national digital currency will not see the light of day until 2025.