Bank of England publishes blueprint for central bank digital currency

The Bank of England has published a Blueprint framework describing the way in which a digital version of the British pound could be implemented.

The lab will provide a technology sandbox environment that will enable hands-on experimentation of innovative central bank digital currency (CBDC) use cases, potential business models for Payment Interface Providers (PIPs) and External Service Interface Providers (ESIPs), and API functionality testing.

'A digital pound, issued by the Bank of England, would be seamlessly exchangeable with cash and bank deposits, ensuring the continuity of a trusted, uniform and accessible means of payment,' the bank says in its report.

No decision has been made on whether to proceed with a digital pound.