Today the BIS Innovation Hub released the results of Project Rosalind, a central bank digital currency (CBDC) initiative with the Bank of England. It explored using application programming interfaces (APIs) to enable payment providers to integrate with the central bank ledger. The APIs worked with two different kinds of ledgers, both of which were blockchain based. However, the focus of the experiments was the APIs rather than the core system.
The tests trialed 18 digital pound use cases, ranging from straight forward merchant payments to a prototype of parent and child wallets. Various kinds of conditional payments and programmability was supported for payment providers, as well as offline payments. It also experimented with decentrailzed identity and verificable credentials for privacy.
“Active collaboration with the public and private sectors to identify and explore these use cases has been at the heart of this,” said Francesca Hopwood Road, Head of the BIS Innovation Hub London Centre. “We believe that Rosalind can make a significant contribution to how organisations across the globe are thinking about and engaging with the design of retail CBDC systems.”
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