The bank said in a statement that the new project was for research purposes only and not intended to develop an operational CBDC.
The bank began studying CBDCs in 2020, releasing a discussion paper in March of that year. The DCI responded with a discussion of how a CBDC could meet the objectives stated in the paper.
The Bank of England joins the Federal Reserve Bank of Boston and the Bank of Canada as CBDC research partners at the DCI, the originator of the OpenCBDC project.
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