Today saw the launch of a UK-based cross industry group, the Digital FMI Consortium, which is planning privately led trials of new digital currency payment rails such as retail central bank digital currency (CBDC). The consortium includes IBM, Finastra and several fintechs with Boston Consulting Group (BCG) as consulting partner and supported by the UK’s Payment Association.
While banks are mentioned, there are none in the announcement so far. However, a Barclays representative was involved at an earlier event about the project.
The Project New Era pilot of digital sterling will start in the autumn. It aims to test potential digital currency use cases that may prove useful for CBDC design considerations and stablecoin regulation.
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