Connect with us

News

Bank of England now accepting applications for a ‘proof of concept’ CBDC wallet.

Published

on

The Bank of England (BOE) is asking for a “proof of concept” for a wallet that can store Central Bank Digital Currency (CBDC).

Friday, December 9, the BOE published a call for applications on the Digital Marketplace of the UK government, a platform that allows governments to hire people to work on digital projects.

The project’s purposes are to investigate the end-to-end user journey in order to clarify the functional requirements for the bank and the private sector. Although the Bank will not create its own user wallet, it may create payment scheme rules, user experience guidelines, etc. for the private-sector wallet providers.

Requirements for what the proof-of-concept wallet would have to do were laid out; the wallet appeared to only need to provide simple and basic functionality like a signup process, a way to update details, and view wallet balance and transactions among other requirements like displaying updates.

The proof-of-concept project has a budget of $244,500 (200,000 British pounds) for an anticipated five-month effort, with the BOE expecting to assess five providers. There have been 5 incomplete and 0 complete applications as at the time of publication.

The project further aims to create a prototype of the CBDC product for upcoming user testing to give the product more substance for internal and external stakeholders.It also looks to test the integration of a front-end with the Rosalind API (a project with the Bank of England, that intends to create prototypes for an application programming interface) to support the Bank’s work on the BIS Innovation Hub.

Key deliverables of the project include the creation of a mobile app for iOS and Android, a website for the wallet, a sample merchant website, and the back-end infrastructure to support the wallet website and apps while also preserving user data and transaction history.

Read Also:NFTs now legally protected virtual property in China

Advertisement Earnathon.com
Click to comment

What's Your Opinion? Please Leave a Comment

Latest Episode on Inside Blockchain

Crypto News Update

Crypto Street

Advertisement



Trending

ALL Sections

Recent Posts