The Digital FMI Consortium will attempt to pay with stablecoins in the UK by launching at least a year-long pilot in October and will provide data to the Bank of England.
The digital FMI suggested testing cross-border payments and trying to pay the Bank of England using its own pound-backed stablecoin dSterling.
UK’s Stablecoin Project Will Take Between 1 to 2 Years
According to a press release, the payment project with stablecoin will run for 12-24 months. The Digital FMI, which has 15-20 members, will voice its recommendations to the Bank of England and other regulators on the subject, along with white papers.
future prime minister of britain Rishi Altar , said last April that the UK wants to become a “crypto hub”. Last November, the Bank of England said it was considering a possible central bank digital currency (CDBC).
Talking about the project, Farrant Group Consortium communications manager Casey Larsensaid:
“This project is not for the Central bank to come to the private sector and get private sector advice on the development of CBDC. This is a purely private sector-led initiative that will provide data and policy advice to regulators, the Bank of England.”
