In December, the Bank of England opened applications for central bank digital currency (CBDC) wallet suppliers. It received 28 responses, of which only 20 were complete. Of the applicants for the £200,000 digital pound project, nine are SMEs and 11 are large companies. Five will be shortlisted tomorrow, with the winner to be decided at the end of the month following presentations.
As the central bank previously stated, the proof of concept wallet is part of Project Rosalind, an initiative of the BIS Innovation Hub in London to develop application program interfaces (APIs) for CBDC to support integration with private sector payment providers.
The project itself is not that small because it’s more than a wallet. It also includes a backend to store transaction data, including personal data (no real data for now), which integrates with the core CBDC ledger via the Rosalind APIs. So the backend mimics the CBDC data that a bank or payment provider would store.
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