The Bank of England will use the proof of concept to deepen its understanding of how CBDC products interact with each other.
the questions asked by the competing providers and gave its answers that aimed to offer insights into the project.
According to the BOE, it wants to create a back-end server for a core ledger, a mobile wallet application and a merchant website. The bank clarified that it has not yet committed to developing a sample wallet and will only use the PoC to expand its knowledge. The BOE wrote: “We're using this PoC to deepen our knowledge and understanding of how CBDC products could possibly interact with each other.”
Initially, 28 applications were submitted, but eight suppliers did not proceed after the question stage. Those who completed the applications are 9 small and medium-sized enterprises and 11 large companies. According to the BOE, the contract will be awarded to the chosen applicant on Jan. 31,
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