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The Bank of England is accepting applications for a ‘proof of concept’ CBDC wallet

Bank of England CBDC

The Bank of England has announced that they are now accepting applications for a “proof of concept” Central Bank Digital Currency (CBDC) wallet.

This wallet is expected to be able to perform fundamental functions such as transacting value and requesting payments, with a budget of approximately $255,000 allocated to the project.

The proof-of-concept wallet was set out with the expectation that it would provide basic features such as signup, details updating, balance and transaction viewing, notifications, CBDC loading and unloading, peer-to-peer payments via account ID or QR code, and the capability to make online payments to businesses.

The goal of this project is to gain an understanding of the entire user experience in relation to a CBDC, so that the BOE can better define what is needed from itself and the private sector.

The bank has not done any work on a sample wallet and will not build one itself.

The deliverables of the project include creating an Android and iOS mobile application, a wallet website, a merchant website model, and the backend infrastructure to support the wallet site and apps, store user data, and keep track of transactions.

A budget of $244,500 or 200,000 British pounds has been allocated for a five-month proof-of-concept project. The Bank of England is responsible for evaluating the five suppliers who have applied. Currently, there are no applicants.

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Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry. She is passionate about helping to foster the growth of the industry and believes in the power of blockchain technology to revolutionize the world.