- An unprecedented joint experiment by global central banks and the Bank for International Settlements (BIS) explores over 30 CBDC applications, introducing opportunities for offline payments.
- The Bank of England is consulting on the development of a digital pound, which would utilize a centralized ledger and an API, allowing private sector firms to access and manage automated payments.
Delving into the bold frontier of digital currency, the Bank for International Settlements (BIS) and central banks worldwide have conducted an ambitious joint investigation into the capabilities of central bank digital currencies (CBDCs). The collaborative effort, known as Project Rosalind, has yielded profound insights into over 30 unique CBDC use cases, including offline payments.
Through the BIS Innovation Hub in London and in partnership with the Bank of England, the researchers created a set of 33 API (application programming interface) functionalities. These APIs serve as a communicative bridge between computer programs, enabling them to share and exchange data efficiently.
The focal point of Project Rosalind was to understand how an API layer could potentially boost a retail CBDC, facilitating secure payments through a variety of applications. According to Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre, the project covered an array of payment options, including online, offline, and in-store payments, leveraging technology such as QR codes, mobile phones, and smart cards. Moreover, the potential of micropayments was also under the microscope.
One specific application of the Rosalind project focused on the creation of a child-parent wallet. The functionality of this wallet aims to enable responsible spending, granting parents the ability to regulate their children’s pocket money and track its usage across different locations.
Currently, the Bank of England is consulting on the development of a digital pound. Should it come to fruition, the bank will manage the centralized ledger and API for the potential digital pound, thereby enabling private sector firms to provide services such as automated payments.
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As the world continues to navigate the digital era, the potential applications of CBDCs are innumerable, Hopwood Road suggests. The ability of the API layer to function with different ledgers demonstrates the adaptability and scalability of this groundbreaking technology.
Notably, blockchain network Quant has declared its participation as a part of the vendor team for Project Rosalind. In partnership with digital solutions platform UST, Quant provides the underlying infrastructure and blockchain platform, secure smart contracts, and interoperability of central bank ledgers, while UST develops the frontend Rosalind API layer.
The successful exploration of CBDCs through Project Rosalind serves as a testament to the continuous advancement in the field of digital currency. As more jurisdictions consider the issuance of their CBDCs, the findings from this project offer valuable insights into the future of global finance.
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