If you are connected with the following sectors, read on:
- Media and social media
- Broadcasters and content sharing platforms
- E-commerce and online marketplaces
- Device manufacturers, consumer and home electronics
- Ddevelopers of smart and IoT devices
The government and Bank of England are now consulting on the introduction of a "digital pound", to sit alongside the current pound. Why are the sectors above relevant to a possible digital pound? In fact, what is a digital pound and what might it mean for you? My FS colleague Wendy Saunders covers these fascinating questions in her article on the consultation.
Among other uses, a digital pound might facilitate easier spending in the Metaverse by allowing embedded finance, where financial services, and in particular payments, are integrated into another industry’s service, function or feature. Indonesia has announced that its digital currency could be used in the metaverse, and a public system would be likely to enjoy more public confidence than a private system.
The consultation ends on 6 April 2023 - watch this space!