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The Bank of England (BoE) is one step closer to launching its central bank digital currency (CBDC) called “Britcoin” following the conclusion of a test study called Project Rosalind.
The Bank for International Settlements (BIS) along with the BoE launched a joint experiment in July 2022 to explore how a prototype application programming interface (API) could be implemented in retail CBDC transactions.
A June 16 reports Which articulates phase two of Project Rosalind, found that CBDCs could make payments between individuals cheaper and more efficient, while allowing firms to create new financial products that would serve to reduce fraudulent financial activity. Are.
Overall, the study developed 33 API functions and explored “more than 30 retail CBDC use cases”.
In addition to looking at how CBDCs would function on smartphones, retailers and online stores, the study also explored the concept of “programmability” – a term that describes digital money as being programmed to behave in specific ways once certain conditions are met. refers to customizing.
CBDC programmability has been met with considerable skepticism, as critics claim that a CBDC can be programmed to “work against” those who use it.
Overall, the study concluded that a “well-designed” API layer could enable a central bank to interact with the private sector to “securely provide” retail CBDC payments.
Project Rosalind, from #BISInnovationHub London Center and @bankofenglandfigured out how a universal and extensible #api The layer can connect central bank and private sector infrastructure and provide retail #cbdc Payment pic.twitter.com/kDeo0yhrsR
– Bank for International Settlements (@BIS_org) June 16, 2023
“The Rosalind experiment has advanced central bank innovation in two key areas: how an API layer can support a retail CBDC system and how it can facilitate safe and secure CBDC payments through a range of different use cases.” is,” said Francesca Rode. BIS London Innovation Hub in a press release.
Despite the positive findings in Project Rosalind, BoE deputy governor John Cunliffe said a final decision on whether the country will launch a CBDC is still “a few years” away.
Connected: Privacy should be considered in ‘potential retail CBDC’ – Treasury official
June 16 according to Bloomberg reportsCunliffe told attendees of Politico’s Global Tech Day conference that the CBDC project’s chances of moving forward are currently “seven out of ten.”
Released findings on the same day as Project Rosalind, the enterprise blockchain Quant Network announced Its role as a seller in the study. The announcement followed the price of Quant’s native QNT (QNT) token, which jumped more than 20% from $96 to $117 within 12 hours.
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