Technology used in Bank of England’s CBDC project now available to any business

Quant, the blockchain for finance pioneer, has unveiled Overledger Platform: the infrastructure used in Project Rosalind - the Bank of England and Bank for International Settlements’ retail CBDC project – available to all via software-as-a-service.

Overledger Platform makes the same enterprise-grade technology, the same interoperability core, the same secure smart contracts and the same issuance, secure bridging and atomic settlement functionality that have underpinned...

28 June 2023 | Banking

Bank of England, BIS complete distributed ledger settlements pilot

The Bank of England and Bank for International Settlements (BIS) have completed a joint pilot testing a distributed ledger technology-based settlements system between institutions.

The UK central bank plans to take lessons from the project and apply them to its real-time gross settlement (RTGS) system.

BIS has also published a 44-page report on the project. Titled Project Meridian, it was carried out with the Bank of England at the BIS innovation hub in...

20 April 2023 | Legislation & Government

Bank of England details digital pound model, calling plans ‘likely’

Digital Pound

The UK is moving forward with its central bank digital currency (CBDC) plans after publishing an in-depth consultation paper on the proposed digital pound, which has been dubbed “Britcoin”.

In its 116 pages, the paper details the Bank of England (BoE) and UK Treasury’s stance on the “likely need” for a digital pound and their proposed model. A technology working paper was also released to explain technical design concepts and decisions.

The paper reiterates the...

8 February 2023 | CBDC

Bank of England joins MIT as CBDC research partner

The Bank of England and the Massachusetts Institute of Technology (MIT) have agreed to collaborate on a twelve-month joint research project into central bank digital currencies (CBDCs).

Alongside MIT Media Lab’s Digital Currency Initiative (DCI), the bank will explore the potential technical challenges, trade-offs, and risks involved in designing a CBDC system. The project is intended to be for research purposes only and will not result in an operational...

28 March 2022 | CBDC