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The Nexus specs state that liquidity provision is the responsibility of the FX providers - so the most challenging part of cross-border payments is out of scope of the scheme! 

This may be designed to goad the UK banks into action, but there is another way - Fintechs.

Already, the BoE has opened up access to RTGS reserve accounts for non-bank FIs with a big  impact on the expansion of the Faster Payments service and competition in retail payment services (without creating any additional systemic risk to the UK financial system).

Rather than introducing a retail CBDC, a better approach is to introduce a wholesale CBDC, which in effect is another form of reserves, managed through a shared ledger and programmable platform instead of with a RTGS - and allow Fintechs to develop their own retail payment services backed by wCBDC (excluding Big Tech to avoid concentrations of market power). Innovation will take hold rapidly.

Why doesn't the FCA use these powers to rein in the social media platforms that allow scams to be promoted on their platforms?