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

Quick Take

  • 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.
  • The budget range for the initial five-month contract is 200,000 pounds ($245,200).

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). 

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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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Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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