The Bank of England (BoE) is a step closer to launching its central bank digital currency (CBDC) dubbed \u201cBritcoin\u201d following the conclusion of a trial study called Project Rosalind.<\/p>\n
The Bank for International Settlements (BIS) along with the BoE launched the joint experiment in July 2022 to explore how prototypes of an application programming interface (API) could be implemented in retail CBDC transactions. <\/p>\n
A June 16 report<\/a> which summed up phase two of Project Rosalind found a CBDC could make payments between individuals cheaper and more efficient while allowing firms to create new financial products that work to reduce fraudulent financial activity. <\/p>\n Overall, the study developed 33 API functionalities and explored \u201cmore than 30 retail CBDC use cases.\u201d <\/p>\n In addition to looking at how a CBDC would function on smartphones, retail vendors and online stores, the study also explored the concept of \u201cprogrammability\u201d \u2014 a term that refers to customizing digital money to behave in specific ways once certain conditions are met. <\/p>\n CBDC programmability has been met with considerable skepticism<\/a>, as critics claim a CBDC could be programmed to \u201cwork against\u201d those who use it. <\/p>\n Overall, the study concluded a \u201cwell-designed\u201d API layer could enable a central bank to interact with the private sector to \u201csafely provide\u201d retail CBDC payments.<\/p>\n Project Rosalind, from the #BISInnovationHub<\/a> London Centre & @bankofengland<\/a>, explored how a universal and extensible #API<\/a> layer could connect central bank and private sector infrastructures and facilitate retail #CBDC<\/a> payments https:\/\/t.co\/HL7EmI7RWx<\/a> pic.twitter.com\/kDeo0yhrsR<\/a><\/p>\n \u2014 Bank for International Settlements (@BIS_org) June 16, 2023<\/a><\/p><\/blockquote>\n \u201cThe Rosalind experiment has advanced central bank innovation in two key areas: by exploring how an API layer could support a retail CBDC system and how it could facilitate safe and secure CBDC payments through a range of different use cases,\u201d said Francesca Road, head of the BIS London Innovation Hub in a press release. <\/p>\n Despite the positive findings yielded in Project Rosalind, the BoE Deputy Governor Jon Cunliffe said a final decision on if the country would launch a CBDC is still \u201csome years\u201d away. <\/p>\n Related: <\/em><\/strong>Privacy should be considered in \u2018potential retail CBDC\u2019 \u2014 Treasury official<\/em><\/strong><\/a><\/p>\n According to a June 16 Bloomberg report<\/a>, Cunliffe told attendees of Politico\u2019s Global Tech Day conference that the odds of a CBDC project going ahead currently stand at \u201cseven out of ten.\u201d<\/p>\n On the same day the findings from Project Rosalind were released, enterprise blockchain Quant Network<\/a> announced<\/a> its role as a vendor in the study. The announcement saw the price of Quant\u2019s native QNT (QNT<\/a>) token surge more than 20% from $96 to $117 within 12 hours. <\/p>\n Magazine: <\/em><\/strong>Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/em><\/strong><\/a><\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/c2868baf-e03c-4a8e-84d7-232675dfffde.jpg\")
\n