BIS and Bank of England complete CBDC project

BIS and Bank of England complete CBDC project

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A pilot project involving central bank digital currencies (CBDCs) jointly run by the Bank of England (BoE) and the Bank of International Settlements (BIS).

Project Rosalind was designed to explore how a “universal and extensible API layer” could connect central bank and private sector infrastructures and enable retail CBDC payments.

The project also sought to develop a number of retial CBDC use cases.

According to the BIS and BoE, the project has successfully demonstrated that”a well designed API layer could work with different private sector applications and central bank ledger designs and that a set of simple and standardised API functionalities could support a diverse range of use cases”.

In all, the project led to the development of 33 API functionalities and examined 30 retail CBDC cases including peer-to-peer transfers, retail payments for goods and services and small-value business transactions.

“Active collaboration with the public and private sectors to identify and explore these use cases has been at the heart of this,” said Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre. “We believe that Rosalind can make a significant contribution to how organisations across the globe are thinking about and engaging with the design of retail CBDC systems.”

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