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The Bank of England (BoE) took a significant step in June towards the development of their central bank digital currency (CBDC), commonly referred to as "Britcoin." This progress followed the conclusion of Project Rosalind, an exploratory research endeavor initiated jointly by the Bank for International Settlements and the BoE in July 2022.
Project Rosalind focused on exploring the potential use of API (Application Programming Interface) prototypes in retail CBDC transactions. Through the study of various retail CBDC use cases, the research identified 33 distinct API functionalities, providing valuable insights into the realm of digital currencies.
One intriguing concept that emerged during the study was "programmability," which involves tailoring digital money to act in specific ways when preset conditions are met. This aspect, while offering potential benefits for online stores, retail vendors, and smartphone users, has also faced criticism from skeptics who raise concerns about possible manipulation to the detriment of users.
The phase two report, published on June 16, highlighted the potential of CBDC to revolutionize the financial landscape by enabling cheaper and more efficient peer-to-peer transactions. Additionally, it could facilitate the development of innovative financial products that effectively combat fraudulent activities.
The research findings from Project Rosalind demonstrated the potential of a well-structured API layer to securely facilitate interactions between the central bank and the private sector for retail CBDC transactions. However, despite the positive progress, the final decision on proceeding with the CBDC project is still a few years away, according to BoE Deputy Governor Jon Cunliffe. Speaking at Politico’s Global Tech Day conference, he estimated the current likelihood of the project moving forward as a steady "seven out of ten."
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