According to Cointelegraph, vice chair Michael Barr stated on October 27 that the Federal Reserve Board is continuing its research on a central bank digital currency (CBDC) and related technologies. Speaking at the Economics of Payments XII Conference, Barr mentioned that the Fed's current focus is on end-to-end system architecture, such as ledgers, tokenization, and custody models for an intermediated CBDC. He reiterated that a digital dollar would not be introduced without a congressional mandate but emphasized the importance of learning from domestic and international experimentation to support responsible innovation.
At the same conference, Sir Jon Cunliffe, deputy governor of the Bank of England (BOE), also discussed CBDCs and stablecoins. Cunliffe, whose term ends on October 31, stated that no decision has been made in the UK regarding a CBDC. However, he mentioned a consultation paper published in February that concluded a Digital Pound might be needed by the end of the decade due to current trends and technological advances in payments. The consultation paper received 50,000 responses, with privacy, programmability, and the decline of cash being the top concerns among commenters. Cunliffe also promised that the BOE would soon issue a discussion paper on stablecoin regulation. Barr echoed the need for stablecoin regulation, stating that such an asset borrows the trust of the central bank.