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According to the Bloomberg report, the Bank of England will bring forward a consultation on the case for a Central Bank Digital Currency (CBDC) “in the coming weeks,” Chancellor of the Exchequer Jeremy Hunt said on Dec. 9.
In the Friday statement, Mr. Hunt states the government’s strategy for boosting the company’s growth. As the UK government is bringing forward a consultation in the coming weeks to explore the case for a CBDC – a sovereign digital pound – and consult on a potential design. The Bank of England will also release a Technology Working Paper setting out cutting-edge technology considerations informing the potential build of a digital pound.
CBDC Sample Wallet by Bank of England
The Central Bank of the United Kingdom, Bank of England is looking for a proof of concept for a sample wallet for a CBDC. The bank will start taking applications through Dec. 23. And also gave their budget range for the initial five-month contract as 200,000 pounds ($245,200).
Bank of England unfolds bids for CBDC sample wallet proof of concept. It also clarified that it will not develop a user wallet itself, but wants to explore the “end-to-end user journey as a way to sharpen functional requirements for both the Bank and private sector” thus make the CBDC product “more tangible for internal and external stakeholders.”
However the key products include a wallet mobile app for both Android and iOS, a wallet website, an example merchant website and a back-end server.
The Bank of England will also release a paper setting out technology considerations informing the potential build of a digital pound, as Mr. Hunt wrote in a statement to Parliament. He also announced the plan as part of a wider set of reforms to spur the UK’s financial services industry.
They are committed to a financial services sector that supports the real economy and will continue to work with the regulators and industry to ensure that the sector is delivering for people and businesses across the UK.
On Friday, the bid process came as Mr. Hunt shared a package of 30 regulatory reforms for UK financial services that included the issuance of a digital pound. The so-called Edinburgh Reforms intended to boost economic growth post-Brexit and foster innovation.
The government has published a consultation, Reforming the Consumer Credit Act 1974. By modernising the regulation of consumer lending, reform will update consumer protections and ensure they work well in a modern and increasingly digital economy.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
