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.
Britain’s future prime minister, Rishi Sunak, said last April that Britain wants to become a “crypto centre”. Last November, the Bank of England said it was considering a possible central bank digital currency (CDBC).
Speaking about the project, Casey Larsen, Farrant Group Consortium communications manager, said:
“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.”
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