A group of central banks announced that it has successfully evaluated more than 30 CBDC use cases, including offline payments.
A joint experiment by central banks tested ways to connect monetary authorities and the private sector to facilitate retail digital currency payments, according to a new report released today. The experiment saw the Bank for International Settlements London Innovation center bringing together central banks, and the Bank of England developed 33 application programming interfaces (APIs) to test the use cases of more than 30 CBDCs.
Explanations from Authorized Names
In a press release, Francesca Hopwood Road, head of the BIS Innovation Hub London Centre, “Project Rosalind” examined how an API layer could support CBDC and facilitate safe and secure payments through different use cases.
The Bank of England is advising on a digital pound it says will be needed in the future. The bank set out in its assessment that it would host a centralized ledger and API for a potential digital pound. In addition, the API will allow private sector firms to access the ledger and provide services such as automatic payments.
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