The Bank of England is accepting proposals for a proof of concept until December 23. The wallet would be used to store a Central Bank digital currency.
The Bank of England is accepting proposals for a proof of concept until December 23. The wallet would be used to store a Central Bank digital money.
The bank has said that it has no plans to create its own user wallet, but that it does wish to investigate the “end-to-end user experience as a method to sharpen functional needs for both the Bank and private sector” in order to make the CBDC product “more concrete for internal and external stakeholders.”
Wallet mobile apps for Android and iOS, a wallet website, a sample merchant website, and a back-end server are among the major deliverables.
The bank stated it hasn’t previously done any work on a prototype wallet for a possible CBDC. The budget range for the first five-month contract is 200,000 pounds ($245,200).
On Friday, Chancellor of the Exchequer Jeremy Hunt unveiled a set of thirty regulatory changes for UK financial services, one of which was the introduction of a digital version of the pound. The so-called Edinburgh Reforms attempt to enhance economic development post-Brexit and stimulate innovation.
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