We are thrilled to announce that Kene Ezeji-Okoye, Co-Founder and Co-CEO of Millicent Labs, has been selected to join the Bank of England's Central Bank Digital Currency (CBDC) Technology Forum. This is a significant recognition of Kene's expertise and Millicent Labs' pioneering role in the digital currency space.
The CBDC Technology Forum is an initiative by the Bank of England to engage stakeholders and gather insights on the technological aspects of CBDC.
It serves as a bridge between the Bank of England and experts from various sectors, including leading financial institutions, academia, and technology firms, to ensure the successful design and implementation of a potential CBDC.
The forum aims to:
Engage a diverse group of experts to discuss the technological challenges of designing, implementing, and operating a CBDC.
Inform the Bank's approach to CBDC, including its functionality and related technology issues, including privacy-by-design.
Debate topics such as ledger design, data security, API standards, and the implementation of specific functionalities like offline payments.
A Central Bank Digital Currency, often referred to as a digital pound in the UK context, represents a new form of digital central bank money. A CBDC would be a digital representation of the country's official currency, issued and regulated by the central bank. In this case, the digital pound would be for use by households and businesses for their everyday payments, issued by the Bank of England.
The Bank of England and HM Treasury are considering the potential need for a digital pound in the UK, although a final decision has not been made. The move towards the design stage of this initiative signifies the importance and potential of a CBDC in the modern financial landscape.
The introduction of a digital pound brings along several challenges and risks. Ensuring data security, maintaining privacy, and achieving seamless interoperability with existing financial systems are paramount. Moreover, the design must be resilient to potential cyber threats and ensure uninterrupted availability. A sound design is crucial not only for the functionality of the digital pound but also for maintaining public trust in the currency. The CBDC Technology Forum plays a pivotal role in addressing these challenges, ensuring that the digital pound, if introduced, will be innovative, secure, and trustworthy.
Kene's selection to join the CBDC Technology Forum is a testament to his deep knowledge and experience in the digital currency infrastructure domain. As a leader at Millicent Labs, Kene has been instrumental in driving innovations that have shaped the future of digital currencies. His involvement in the forum will ensure that the insights he has gained through Millicent Labs are represented at this crucial stage of CBDC development in the UK.
Furthermore, Kene's participation underscores Millicent Labs' commitment to contributing to the broader digital currency ecosystem and ensuring that the UK remains at the forefront of financial innovation.
With Kene representing Millicent Labs at the CBDC Technology Forum, we are excited about the opportunities to collaborate with other industry leaders and contribute to the development of a well designed digital pound, should one be released.
For more details on the CBDC Technology Forum and its terms of reference, you can visit the official page on the Bank of England's website.
Stay tuned for more updates from Millicent Labs, and as always, thank you for your continued support!
