Finance Magnates: Monday December 12, 2022
The Bank of England (BoE) is looking for a company to prepare a proof of concept for a crypto wallet that, in the future, could hold its own CBDC.
The Bank of England (BoE), the central bank of the United Kingdom, is looking for a company to prepare a proof of concept for a cryptocurrency wallet that, in the future, could hold its own central bank digital currency (CBDC).
According to the request for applications published on 9 December 2012 on the UKs Digital Marketplace, a government service where official institutions can look for private sector assistance for digital projects, BoE wants to pay a maximum of 200,000 for a basic version of a functional Sample Wallet that will be CBDC-compatible.
Until now, no work has been done on a Sample Wallet for a potential CBDC, the central bank stated in the application request.
The list of requirements set by the central bank is not long. The proof of concept wallet should allow to signup new users, inform about updates, present transactions, current and historical balances. The prepared product must provide CBDC deposits, withdrawals, and online P2P payments using a QR code or account ID.
The project also highlighted four deliverables: a wallets website, a mobile app for iOS and Android devices, a sample merchant site, and a server back-end that would allow the entire service to operate.
The BoE is to select a supplier from a list of five pre-approved applicants. Applications are being accepted until 23 December 2022, and the winning applicant will have five months to deliver a finished product (with a possible one-month extension).
CBDCs Under Construction Worldwide
Institutions around the world are developing a digital currency issued and governed by a central bank since cryptocurrencies have found their way to the mainstream. China is already conducting advanced tests of the technology and its e-CNY in the major provinces.
In Asia, the Bank of Japan (BOJ) has planned to start a two-year digital JPY project, beginning a new partnership with regional financial institutions, including Mizuho Financial Group, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group.
The Federal Reserve Bank of New Yorks Innovation Centre (NYIC) is conducting its own test together with the US banking giants. In November, the entity started a three-month digital dollar proof of concept project to explore the feasibility of a digital money platform.
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