The central bank is budgeting nearly $255,000 to develop a central bank digital currency sample wallet that could execute basic features like transactions and payment requests.
The Bank of England (BOE) is seeking a “proof of concept” for a wallet that will be able to hold a central bank digital currency (CBDC).
On Dec. 9, the BOE posted a request for applications on the united kingdom government's Digital Marketplace, a service wherever government organizations will solicit work for digital projects.
Simple pointers for what the proof-of-concept wallet would have to achieve were outlined, with the wallet seemingly only needing to supply basic practicality like a signup method, the simplest way to update details, and to show balances, transactions and notifications.
Of course, the wallet also has to demonstrate it is loaded and dud with a CBDC, beside having the ability to request peer-to-peer payments through an account ID or QR code. It also should be able to be wont to pay businesses on-line.
Key deliverables for the project are making a mobile app for iOS and humanoid, an internet site for the wallet, an example merchant web site and the|and therefore the|and additionally the back-end infrastructure to serve the wallet website and apps whereas also storing user information and dealings history.
“No work has been done” on a CBDC sample wallet, the bank said, and it “will not develop a user wallet itself.”
The declared aims of the project are to “explore the end-to-end user journey” because the BOE seeks to “sharpen functional requirements for each the Bank and personal sector” beside creating the CBDC product “more tangible for internal and external stakeholders.”
A budget of $244,500, or 200,000 British pounds, for an expected five-month project was set for the proof-of-concept, with the BOE slated to evaluate five suppliers. there were no applications at the time of writing.
The BOE has antecedently declared it's seeking to probably launch a CBDC by 2030.
The sample wallet is validating of the BOE’s work as a part of Project Rosalind, a joint experiment it’s completing with the Bank of International Settlements Innovation Hub aimed at making prototypes of an application programming interface (API) for a CBDC. The proof-of-concept wallet will be test implemented with the Rosalind API.
On Dec. 9, the chancellor of the cash in hand, Jeremy Hunt, shared variety of reforms to Britain’s money services sector, as well as consulting on proposals for the institution of a CBDC.
( Jesse Coghlan, Cointelegraph, 2022 )