Digital FMI Consortium, a group of UK private sector companies, announced on Wednesday that it plans to test cross-border payments through a sterling-pegged stablecoin called dSterling.
A stablecoin is a cryptocurrency designed to maintain its value against another asset such as the US dollar, euro or other fiat currency.
The pilot, called “Project Nova Era,” will begin in October and last 12 to 24 months. The 15- to 20-member consortium said it would issue white papers (documents detailing the project) and make recommendations to the Bank of England and other regulators on the use of stable cryptocurrencies.
In April, Rishi Sunak, the chief finance minister in the government’s bid to become the country’s prime minister, said he wanted the UK to become a “crypto hub”. In November last year, the Bank of England said it was evaluating plans to launch a central bank digital currency (CBDC).
“Rather than the central bank coming to the private sector and incorporating our advice on CBDC development, this is a completely private sector-led initiative that will provide data and policy recommendations to regulators and the Bank of England,” said Casey Larson. Farrant Group, which handles confederation communications, told CoinDesk.
Boston Consulting Group Digital is a partner in the FMI Consortium. The group is supported by The Payments Association, an association with members from some of the UK’s largest banks and accountancy firms and processors such as Visa and Diners Club.
“With the advent of DLT [tecnologia de registro distribuído] And blockchain, digital assets are creating a new era of money with transformative benefits for consumers, businesses, financial institutions and governments,” said Kunal Janji, Managing Director and Partner, Boston Consulting Group.
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