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Bank of England Moves Closer to Launching "Britcoin" CBDC Following Successful Project Rosalind Trial

June 19 (Cointime) - The Bank of England (BoE) has made progress towards launching its central bank digital currency (CBDC) known as "Britcoin" after completing a trial study called Project Rosalind.

The study, conducted in collaboration with the Bank for International Settlements (BIS), explored how prototypes of an application programming interface (API) could be used in retail CBDC transactions.

The report summarising phase two of the project found that a CBDC could make payments between individuals cheaper and more efficient, while also enabling firms to create new financial products that reduce fraudulent activity. Despite positive findings, the BoE Deputy Governor Jon Cunliffe stated that a final decision on launching a CBDC is still several years away.

Bank of England Central Bank Digital Currency CBDC
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