The Bank of England has announced that last month it agreed to collaborate with the Massachusetts Institute of Technology (MIT) on a twelve-month research project on Central Bank Digital Currency (CBDC).
The bank is partnering with the MIT Media Lab’s Digital Currency Initiative (DCI) team to “explore potential technical challenges, trade-offs, opportunities and risks” involved in designing a CBDC system.
The move is part of the Bank of England’s wider research into a CBDC.
It said that the research will be focused on exploration and experimentation of potential technology approaches.
It made clear that the work is focused on exploratory technology and “not intended to develop an operational CBDC”.
There has been no decision made by the bank about whether or not to introduce a central bank digital currency in the UK.
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