The Bank of England is aiming to develop a Proof-of-Concept wallet that can store Central Bank Digital Currency (CBDC).
On the Digital Marketplace, a platform where government entities can advertise job openings for digital projects, the Bank of England (BOE) published a call for applications.
The following are the targets of the Proof-of-Concept wallet, as defined in the document:
- Explore the end-to-end user journey to sharpen functional requirements for both the Bank and the private sector.
- Make the CBDC product more tangible for internal and external stakeholders, e.g., as a prototype for future user testing.
- Support the Bank’s work towards the BIS Innovation Hub’s ‘Project Rosalind’ by testing the integration of a front-end with the Rosalind API.
- Support future exploration of further functionality which is out of scope here, e.g., offline payments or KYC processes for new users.
The project’s key deliverables are the development of a mobile app for iOS and Android, a wallet website, a sample merchant website, and the back-end infrastructure to support the wallet website and apps while preserving user data and transaction history.
The wallet must also show that it can be loaded and unloaded with a CBDC and can be used to request peer-to-peer payments via an account ID or QR code and pay for goods and services online.
The Bank of England (BOE) allocated a budget of 200,000 British pounds for the Proof-of-Concept wallet, intending to examine five suppliers over the course of the anticipated five-month project. The Bank of England (BOE) has already stated that it hopes to implement a CBDC by 2030.
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