The Bank of England Is Funding A Digital Wallet For A CBDC

The Bank of England (BoE) is making strides in the central bank digital currency (CBDC) arena by handing over a contract to Kin + Carta, a consultancy firm, for creating a “CBDC Sample Wallet Proof of Concept and Research.” The contract, at £186,504 ($237,000), is the heftiest BoE has ever awarded for anything CBDC-related. A CBDC would give the government more control over the monetary system, including limiting and monitoring people’s spending and even having control over how they spend. Global Trends: BoE is not alone; it’s riding the wave with other central banks across the globe, eyeing the establishment of a “major national infrastructure project” tied to a potential digital pound. The Nitty-Gritty: Global Government Fintech spilled the beans – Kin + Carta, which operates out of London, got the contract rolling in February 2023, with a wrap-up date set for July 2023. The task? Build a proof-of-concept wallet, tucked under “software package and information systems.” Public Chatter: The UK is all ears, currently seeking public opinion on the possibility of a digital pound. In a joint venture, BoE and HM Treasury dropped a consultation paper named “Digital pound: a new form of money for households and businesses?” earlier this year. The paper spills the tea – a digital pound might be in the cards and reveals a “design phase” through 2025 followed by a “build phase” not kicking off before 2025. The Clock Ticks: The consultation was set to wrap up June 7th, but guess what? It’s been…The Bank of England Is Funding A Digital Wallet For A CBDC