Throughout the lifetime of Project Rosalind we will be publicising ways for you to find out more about and engage with the project. Please keep checki

Project Rosalind: developing prototypes for an application programming interface to distribute retail CBDC

submited by

Style Pass

2024-06-07 22:00:06

Throughout the lifetime of Project Rosalind we will be publicising ways for you to find out more about and engage with the project. Please keep checking back to find out the latest news and updates.

Developing a retail central bank digital currency (CBDC) system is a significant undertaking and there are many areas that central banks need to explore including: How to improve public-private sector collaboration? How to maximize interoperability, encourage competition and enable adoption? How might retail CBDC meet current and future consumer needs in a fast-changing payments landscape?

Project Rosalind, led by the Innovation Hub's London Centre, aims to help answer some of these questions. The project is named after British scientist Rosalind Franklin, whose work was key to understanding DNA sequencing.

A joint experimentation with the Bank of England, Project Rosalind aims to develop prototypes for an application programming interface. Based on a two-tier distribution model (central bank at the foundation of the retail CBDC system and customer-facing activities carried out by the private sector), the objective is to explore how this interface could best enable a central bank ledger to interact with private sector service providers to safely provision retail payments.