According to Cointelegraph, the Bank of England (BoE) is all set to launch its central bank digital currency named “Britcoin”. It is expected that the coin will be launched after the conclusion of a trial study “Project Rosalind”.
Sources revealed that the Bank for International Settlements and the Bank of England (BoE) introduced this Joint venture on July 2022 for finding how prototypes of an application programming interface (API) can be added to retail CBDC transactions, Cointelegraph added.
“Project Rosalind, from the #BISInnovationHub London Centre and @bankofengland, explored how a universal and extensible #API layer could connect central bank and private sector infrastructures and facilitate retail #CBDC payments,” the Bank for International Settlements tweeted.
Furthermore, in spite of the expected positive results of Project Rosalind, Jon Cunliffe, Deputy Governor, Bank of England, mentioned that the final decision of launching a CBDC is “some years” away, Cointelegraph concluded.
(With insights from Cointelegraph)