Directed by the BIS Innovation Hub London Centre (BIS), Project Rosalind was an experiment that explored the development of a retail central bank digital currency. It tested how application programming interfaces (APIs) could facilitate retail payments in CBDCs and support in the exploration of innovative CBDC use cases.
In June 2023, we announced our role as part of the vendor team for Project Rosalind. The project looked at a public-private sector collaboration model in which the public sector would provide the core infrastructure, and the private sector would produce consumer-facing applications. It revealed the key role APIs in enabling CBDC systems to deliver a range of benefits in terms of payments functionality and security.
Today, we’re pleased to share further details of our work on this industry-leading digital currency project.
Rosalind had four main objectives:
- Functionality: Investigate how APIs could enable a central bank ledger to interact with private sector service providers for safe and secure retail CBDC transactions.
- Interoperability: Discover methods to achieve interoperability among various systems and applications. Analyse design options, risks, opportunities, and trade-offs involved in delivering interoperability.
- Adoption: Explore the API functionalities required to enable the development of a diverse and innovative set of CBDC use cases.
- Ecosystem: Gain insights into how public and private sector participants could collaborate to innovate, support digital inclusion, provide diverse payment options and deliver good consumer outcomes.
To learn more about how we addressed the project’s mandate and what we delivered in partnership with the BIS and the Bank of England, download a copy of our Project Rosalind case study, below.
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