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Bank of England answers professionals’ questions about upcoming CBDC wallet

A company that applied to win a $244,000 contract to develop a proof of concept (PoC) of a central bank digital currency (CBDC) wallet for the Bank of England (BOE) provided questions about the project. In response, the central bank published answers to over 70 questions.

On December 9th, the BOE opened the application. Ask the supplier to submit an applicationBy December 25, about 20 companies had submitted their applications and submitted their questions. It was published We provided questions from competing providers and answers intended to provide insight into the project.

BOE wants to create a core ledger, a mobile wallet application, and a backend server for a merchant website. The bank has revealed that it is not yet working on developing a sample wallet and will only use the PoC to expand its knowledge. BOE wrote:

“We are using this PoC to develop our knowledge and understanding of how CBDC products may interact.”

There were 28 applications initially, but 8 suppliers did not proceed to the inquiry stage. Nine SMEs and 11 large companies have completed their applications. According to BOE, the contract will be awarded to the applicant he selected on January 31.

Related: The “Godfather of Cryptocurrencies” wants to create a CBDC with a focus on privacy. Here’s how:

BOE officers Andrew Bailey and Sir John Cunliffe, 23 November answered a question posed by a legislator At a live streaming event. On the topic of digital currencies, officials seemed to see CBDC as a revolution for the future of money. said there is.

Meanwhile, an industry executive recently spoke with Cointelegraph to explain How Cryptocurrencies Can Help CBDC and vice versa. Itai Avneri, deputy CEO of crypto platform INX, said CBDC and regulated crypto could complement each other.