The Bank of England will work with leading university Massachusetts Institute of Technology (MIT) to assess the pros and cons of CBDC.
The Bank of England collaborated with MIT, one of the world’s leading universities, to carry out CBDC studies. Earlier this week, the bank announced that it will work with the university on CBDC last February. The Massachusetts Institute of Technology’s Digital Currency Initiative (DCI) has agreed on a twelve-month research project to identify the pros and cons of digitizing the pound. Under the agreement, the team will explore technical challenges, opportunities and risks. Thus, the bank became the second institution after the Bank of Canada to work with the university in this regard.
The statement reiterated that the country has not made any decision to launch a CBDC:
“This work is focused on exploratory technology research and is not intended to develop an operational CBDC. No decision has been made on whether to introduce CBDC in the UK, which will be a major national infrastructure project.”
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