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

• • The Bank of England is seeking a proof of concept for a model central bank digital currency wallet and is accepting applications by December 23. 

• The budget range for the first five-month contract is £200,000 ($245,200) 

The Bank of England is seeking a proof of concept for a model central bank digital currency wallet and is accepting applications by December 23. While the bank said it would not be developing a user wallet, it wants to explore the “end-to-end user journey to fine-tune the functional requirements for both the bank and the private sector,” and the CBDC product makes “tangible for internal and external stakeholders. Key deliverables include a mobile wallet app for Android and iOS, a wallet website, a sample business website, and a backend server. 

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

The bidding process comes as Chancellor of the Exchequer Jeremy Hunt unveiled a package of 30 regulatory reforms for UK financial services on Friday, including issuing a digital pound. The so-called Edinburgh reforms aim to boost economic growth after Brexit. And promote innovation.