A UK-based cross-industry group known as the Digital FMI Consortium – Digital Financial Market Infrastructure (DFMI) – was launched on Wednesday to validate CBDC use cases that are expected to deliver benefits for the UK market.
The consortium constitutes a group of private firms, including IBM, Finastra, and many other fintech with Boston Consulting Group (BCG) as consulting partners and supported by the UK’s Payment Association.
The group will explore retail CBDC in the UK and conduct real-world pilots to address open design questions and mitigate risks. The pilots will generate working data and feedback that the UK central bank and policymakers can use to inform open design questions and enable relevant authorities to make policy decisions.
The group will issue a privately-led Digital Sterling (dSterling), a digital settlement asset similar to a CBDC, to drive the pilot. The pilot will begin in October and run for 12-24 months.
The consortium will focus on real-world testing to...
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