(2) Convenient and efficient

The process from the payer (sender) initiating payment to the payee (receiver) receiving funds should be completed as soon as possible and should be highly deterministic. It should be clear what the user pays for at the CBDC. The payment should be carried out in the simplest way to ensure that the cost of CBDC payment is as low as possible. The design of its payment system should minimize the barriers to use, which may come from low technical literacy, disability and difficulties in obtaining hardware (such as avoiding relying on the latest smart phones) or barriers to accessing mobile data network (such as in remote areas).

(3) Open competition and innovation

The structure of CBDC should synthesize the advantages of the Bank of England and the private sector, build on the overall expertise, and be fair and neutral, providing market competitive advantages for its relevant payment service providers, and minimize the access threshold of service providers while protecting consumers. The design of CBDC shall also ensure that it will not lead to winner-takes-all situation when providing relevant services. Private sector developers should be allowed to provide additional services on the CBDC platform as a supplement to service needs that we cannot expect. The design of CBDC should not limit the services that may be provided in the future, which recognize us that both the capabilities and infrastructure of a CBDC should develop over time.