Bank of England opens bids for CBDC sample wallet proof of concept

The Bank of England is seeking a proof of concept for a sample wallet for a Central Bank digital currency and will take applications through Dec. 23.

While the bank said it will not develop a user wallet itself, it wants to explore the “end-to-end user journey as a way to sharpen functional requirements for both the Bank and private sector” and make the CBDC product “more tangible for internal and external stakeholders.” Key deliverables include a wallet mobile app for both Android and iOS, a wallet website, an example merchant website and a back-end server.

The bank said it hasn’t previously done any work on a sample wallet for a potential CBDC. The budget range for the initial five-month contract is 200,000 pounds ($245,200). 

The bid process comes as Chancellor of the Exchequer Jeremy Hunt on Friday shared a package of 30 regulatory reforms for UK financial services that included the issuance of a digital pound. The so-called Edinburgh Reforms seek to boost economic growth post-Brexit and foster innovation.

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