Bank Of England Launches Bids For CBDC Sample Wallet Proof Of Concept
The Bank of England is looking for a proof of concept for a central bank digital currency (CBDC) sample wallet.
The aims of this project are to:
- Explore the end-to-end user journey as a way to sharpen functional requirements for both the Bank and private sector. Whilst the Bank will not develop a user wallet itself, it may develop payment scheme rules & user experience guidelines, etc, for the private-sector wallet providers, in addition to supporting core CBDC functionality via its ledger and API.
- Make the CBDC product more tangible for internal and external stakeholders, eg. as a prototype for future user testing.
- Support the Bank’s work towards the BIS Innovation Hub’s ‘Project Rosalind’, by testing integration of a front-end with the Rosalind API. Details of Project Rosalind will be shared with the successful bidder.
- Support future exploration of further functionality which is out of scope here, eg. offline payments or KYC processes for new users.
To enable end-to-end customer wallet journey, the PoCs will demonstrate: Wallet management, payments, advanced functionality, and innovation time allowance to demonstrate other functionality.
The bid process comes as Chancellor of the Exchequer Jeremy Hunt announced a package of 30 regulatory reforms for UK financial services, including the creation of a digital pound, on Friday. The BoE will take applications through December 23.
The bank has never worked on a prototype wallet for a possible CBDC. The initial five-month contract has a budget of 200,000 pounds.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
News
Bank Of England Launches Bids For CBDC Sample Wallet Proof Of Concept
The Bank of England is looking for a proof of concept for a central bank digital currency (CBDC) sample wallet.
The aims of this project are to:
- Explore the end-to-end user journey as a way to sharpen functional requirements for both the Bank and private sector. Whilst the Bank will not develop a user wallet itself, it may develop payment scheme rules & user experience guidelines, etc, for the private-sector wallet providers, in addition to supporting core CBDC functionality via its ledger and API.
- Make the CBDC product more tangible for internal and external stakeholders, eg. as a prototype for future user testing.
- Support the Bank’s work towards the BIS Innovation Hub’s ‘Project Rosalind’, by testing integration of a front-end with the Rosalind API. Details of Project Rosalind will be shared with the successful bidder.
- Support future exploration of further functionality which is out of scope here, eg. offline payments or KYC processes for new users.
To enable end-to-end customer wallet journey, the PoCs will demonstrate: Wallet management, payments, advanced functionality, and innovation time allowance to demonstrate other functionality.
The bid process comes as Chancellor of the Exchequer Jeremy Hunt announced a package of 30 regulatory reforms for UK financial services, including the creation of a digital pound, on Friday. The BoE will take applications through December 23.
The bank has never worked on a prototype wallet for a possible CBDC. The initial five-month contract has a budget of 200,000 pounds.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Other Posts
Related Posts
Latest
Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success
A Missed Moment with Cardano? Here’s Why Qubetics at $0.0212 Could Be Your Perfect Timing – Explore the Best Crypto to Join Now
Press Release
Get Ready for a New Level of Excitement If You Missed Ethereum ICO: Qubetics Could Redefine Success
A Missed Moment with Cardano? Here’s Why Qubetics at $0.0212 Could Be Your Perfect Timing – Explore the Best Crypto to Join Now
