TechFlow reported on January 14 that, according to The Block, the Bank of England (BoE) announced plans to establish a "Digital Pound Lab" in 2025 to conduct CBDC innovation experiments within a sandbox environment.
According to the central bank's latest progress report on the digital pound, the lab will provide the private sector with a CBDC API testing platform to explore innovative use cases and business models.
The Bank of England stated it has gained in-depth understanding of user needs through surveys and working groups, and the lab will focus on addressing pain points in the existing payment system. Additionally, the technology forum will cease operations, with related discussions transitioning to be led by the Digital Pound Lab.
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