UK Central Bank to Test CBDC Capabilities in New Digital Pound Lab

The Bank of England has announced the launch of the Digital Pound Lab, a new initiative to experiment with potential applications and technical frameworks for a central bank digital currency (CBDC). According to a recent report by the UK’s central bank, the Digital Pound Lab will collaborate with private sector partners to test API functionality, explore innovative use cases, and evaluate the feasibility of integrating the digital pound into real-time payments, e-commerce, and offline transactions. The Bank of England has outlined the main components of the Digital Pound Lab, highlighting plans to assess privacy-enhancing technologies.

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