Ethereum

The Bank for International Settlements has issued a report wrapping up its CBDC experiment. According to the release, Project Rosalind has successfully tested over 30 digital money use cases.Programmable money may be just around the corner. Project Rosalind, kicked off by the Bank for International Settlements (BIS) and Bank of England (BOE) last year, yielded promising results for the retail CBDC concept.The experiment explored functionality and design for CBDC APIs with 33 endpoints in six functional categories proving the efficacy of over 30 use cases for individuals and businesses, including:- online, offline, and in-store payments by means of QR codes, mobile phones, smart cards, biometric devices, and smart assistants,- micropayments,- peer-to-peer transfers,- small-value business transactions,- receiving commissions,- paying salaries,- supporting trade finance, and more.Several use cases explored CBDC’s programmability. In such scenarios, API enables individuals and businesses to earmark money for a specific use and trigger payment when the agreed-on conditions have been met. The Project Rosalind also tested the use of decentralized identifiers (DIDs) and verifiable credentials (VC) with the goal of minimizing data storage and transmission through bank APIs and fast-tracking the onboarding process.According to the project’s <a href="https://www.bis.org/publ/othp69.pdf" rel="noopener noreferrer nofollow">summary report</a>, a set of simple and standardized API functionalities can support a diverse range of use cases and innovation in CBDC-based products and services to meet future digital economy demands. CBDC APIs can also be tailored to support offline payments. However, such functionality is significantly harder to develop.Other technological and legal challenges and areas of further exploration highlighted in the report include:- user and payment data sharing without privacy risks,- balancing simplicity and consistency flexibility to develop bespoke features necessary for innovation,- defining the roles and responsibilities of the CBDC ecosystem stakeholders.In recent months, CBDC has emerged as an irresistible solution for countries looking to control their citizens’ financial activity. Those include not only the likes of China and <a href="https://coinpaper.com/730/nigeria-limits-cash-withdrawals-in-a-bid-to-boost-the-use-of-cbdc" rel="noopener noreferrer nofollow">Nigeria</a> but also many Western countries, such as <a href="https://coinpaper.com/591/cbdc-digital-euro-is-taking-shape" rel="noopener noreferrer nofollow">EU member states</a> and the UK.On June 1, 2023, the <a href="https://www.gov.uk/government/consultations/the-digital-pound-a-new-form-of-money-for-households-and-businesses" rel="noopener noreferrer nofollow">HM Treasury</a> extended the original deadline for the consultation on the digital pound, a local CBDC that “would be a new form of digital money for use by households and businesses for their everyday payments needs” – under the watchful eye of the government.<a href="https://coinpaper.com/1627/changpeng-zhao-lost-over-1-3-billion-following-sec-s-lawsuit" rel="noopener noreferrer nofollow">Read the full article on Coinpaper.</a>

Retail CBDC use cases successfully tested in BOE’s Project Rosalind

Coinpaper.com

2023년 6월 16일에 게재된 다른 기사

FDIC Accuses OkCoin: Exchange Misrepresents Customer Protection

Bakkt Delists Cardano, Polygon, and Solana Due to Regulations

Binance Faces Investigation in France for KYC and AML Compliance Failures

AI Transforms Media and Advertising: A New Era of Content Creation and Consumption

History of Pride Month: From Marches to the Metaverse

Binance Clarifies Misconceptions Amid French Investigation, Highlights Commitment to Compliance

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!