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Aurora Newsletter - 15.12.21 - the Continental threat to the City grows

Dear Friends

The Aurora Project to obtain the earliest possible launch of a wholesale Sterling Central Bank Digital Currency is moving forwards, and I attach our latest Newsletter, executive summary following this email.

In short, as the Newsletter describes, development on the Continent continues apace, making it ever more likely to create an powerful magnet to draw a crucial portion of the City’s key clearing and settlement business to the EU, probably mainly Paris, never potentially to return. There is increasing Westminster appreciation of the threat but there is more immediate and focused action required. The Aurora team is applying pressure wherever it can.

Aurora Newsletter Executive Summary:

● France announced they had run a Central Bank Digital Currency (CBDC) pilot for 6 months involving multiple central parties

● Concurrently, Euronext announced it will cease to clear in the UK from 2024

● Deutsche Borse (a central component of a European CBDC structure) announced they have run a Distributed Ledger Technology investigatory project (the likely technology that

would underpin a wholesale CBDC)

● China has expanded a component of its technological backbone (BSN) to support its digital currency globally. This is a component of its tactic to use the Belt and Road initiative to expand international use of a Chinese CBDC (Note: Any use of the Chinese CBDC by other countries would allow China full visibility of all transactions and underlying balances of participants)

● It is clear that the EEC is preparing to target the City of London given the multiple European developments being announced

With best wishes for a Happy Christmas for you and yours

Daniel Hodson

Co-Principal, The Aurora Project

07801 233094

For the full newsletter, please click here:

Project-Aurora-newsletter_E3-2021-12-15 (2)
Download PDF • 209KB

City of London by kai-pilger-unsplash

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