MIT and the Bank of England will start a one-year-long joint collaborative research project. MIT also partners with the Federal Reserve Bank of Boston and Bank of Canada. 

In specific, the Bank of England has made an official announcement that it and the Massachusetts Institute of Technology Media Lab Digital Currency Initiative, or DCI has agreed to work on a yearlong joint research project on central bank digital currencies (CBDCs). 

The bank’s study on CBDCs started in 2020. A discussion paper was then released in March that year. The DCI’s later response to the matter has led to the formation of a task force led by The bank and the treasury. 

Other opinions have been shared regarding the partnership. The House of Lords Economic Affairs Committee shared mixed feelings about a potential cryptocurrencies version of the pound earlier this year, saying that it would have upsides on settlement speed, cheaper price, and faster international payment while posing “challenges for financial stability and the protection of privacy.”

The Federal Reserve Bank of Boston and the Bank of Canada also joined the research at the DCI. 

MIT is not the only player on the field. Roughly 60 other countries are currently doing research about CBDCs and 15 pilot projects are underway.