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The Central Banks are looking to create a system that enables anonymous payments?

We already have the ability to move money electronically as a replacement of cash.

Can someone please explain to me the benefits of a Bank issued digital coin?

What will it achieve that cannot be achieved with existing technology? 

In order to manage innovation to effect change the first thing that needs to change is the mindset and way of thinking. For too long the finance industry has been stuck in its way of thinking meaning anything new that has been adopted is just another version of what went before and has, at best, papered over the cracks rather than moved anything forward.

Instead, it is imperative to identify the problems, challenges and opportunities that exist (or are foreseen) and design a solution that will answer them. Only then should we choose a technology that best meets the need of that solution with new thinking, looking outside of the existing cosy club of vendors. This will result in new infrastructure and systems designed for the financial requirements of the future.

The question is, is BoE prepared to listen to new technology providers?

Nomo, enables people to open current accounts in 6 different currencies. How is that a multi-currency account? It just means you can see all your currency accounts in one portal.

Adoption will be accelerated by making it easier for smaller financial institutions to become Open Banking compliant. A one size fits all approach makes this prohibitive for newer startups.

Last month, the Chancellor set out his vision for prosperity in the UK, noting his ambition to turn the UK into “the world’s next Silicon Valley”. He celebrated the UK’s “world beating” fintech sector, praising UK unicorns Monzo and Revolut.

While at the same time announcing the withdrawal of funding of Tech Nation?

Greater adoption and innovation in Open Banking will not happen while there is a one size fits all Standard for complying.

A system and API Standard built for the 9 largest banks cannot possibly work for smaller financial institutions, maybe just starting up and building revenues & not yet profitable.

The requirements, both financial and technical, to become and maintain compliance are way too onerous, especially as there is little to no benefit to be gained.

Surely the question should be at what point will card schemes become obselete as opposed to when will we become cashless.

In this digital age there is no reason there shouldn't be basic bank accounts for everyone, that could in time be developed into full financial inclusion. It has been proven in developing countries, where banks were initially convinced there was no profit to be made from the lower end of the financial spectrum, that these people can be profitably banked. This financial inclusion then benefits the whole economy.

It could be that the regulators need to insist banks of a certain size offer basic accounts for the unbanked. Similar to attempts to get property developers to include affordable housing in any development.

Not sure that will ever happen though.

Hopefully not another project that gets bogged down under the weight of committees, consultations published papers etc. The technology exists to enable them to just get on with it.