Project Rosa: Bank of England Aims to Make CBDC More Tangible

• The Bank of England (BoE) responded to over 70 questions posed by applicants vying to help design a proof of concept for a CBDC wallet.
• The BoE plans to develop a back-end server for a core ledger, a mobile wallet application, and a merchant website.
• The project aims to investigate the end-to-end user journey as the BOE seeks to refine the program and make the CBDC more tangible.

The Bank of England (BoE) recently opened a call for applications for a $244,000 contract to design a proof of concept for a Central Bank Digital Currency (CBDC) wallet. The central bank received over 70 questions from interested applicants, and has now responded by publishing their answers.

The project, dubbed Project Rosa, is designed to investigate the end-to-end user journey, and the BoE hopes to refine the program and make the CBDC more tangible. The contract would involve creating a back-end server for a core ledger, a mobile wallet application, and a merchant website.

Initially, 28 applications were submitted, but 8 of them did not pass the question stage. The remaining 20 applications were submitted by a combination of 11 large firms and 9 small and medium-sized enterprises.

The Bank of England has made it clear that the proof of concept wallet is only intended to be a way for them to gain further knowledge and understanding of how CBDCs could interact with one another. They are not committing to creating the sample wallet, and are instead using the PoC to deepen their understanding of the technology.

Ultimately, the goal of the project is to provide access to a secure, immediate, cost-effective, and accessible payment system for individuals and businesses. This could be a major step forward in the world of digital finance, and the Bank of England is hoping to use the PoC to investigate the end-to-end user journey and make the CBDC more tangible.