The Bank of England has assembled a panel of cryptocurrency experts from leading tech companies to contribute to researching a central bank digital currency (CBDC) for the U.K.

What Happened: According to a statement issued by the U.K.’s central bank on Thursday, the CBDC Technology Forum will feature a number of executives who “will help the Bank to understand the technological challenges of designing, implementing and operating a CBDC.”

Mastercard Inc’s (NYSE:MA) VP of blockchain and digital assets Patrick O’Donnell and Visa Inc’s (NYSE:V) head of solution architecture Max Malcolm also joined the panel.

Like several other countries, the U.K. has begun researching the benefits of a digital currency for its financial ecosystem.

In November 2020, the Treasury Department of the U.K. said it was committed to leading the global conversation on new technologies like stablecoins and Central Bank Digital Currencies.

“New technologies such as stablecoins – privately-issued digital currencies – could transform the way people store and exchange their money, making payments cheaper and faster,” stated the Treasury at the time.

Price Action: In the last 24-hours, the crypto market recorded a 1.88% increase in overall market cap, which stood at $1.9 trillion at press time. The leading digital asset Bitcoin (CRYPTO: BTC) was trading at $43,225, gaining 2.3% over 24 hours.

Photo: Jack Finnigan on Unsplash.