everis, UCL, PETRAS join forces on new research project for central banks to enable token-based digital currencies

everis, a consultancy that is part of the NTT DATA Group, has teamed up with the British Standards Institution (BSI), Bank of England, University College London (UCL), and the University of Edinburgh on Project FIRE (Future Infrastructure for Retail Remittances).

Proposed by UCL and funded by The PETRAS National Centre of Excellence for IoT Systems Cybersecurity, the project aims to understand the devices and infrastructure required to enable the use of a token-based retail central bank digital currency (CBDC) that replicates certain key features of cash; accessibility, non-discrimination, privacy, and custodianship by the owner.

Using part of the GBP 3.6 mln PETRAS funding, various research universities in the UK have been tasked to create projects that facilitate engagement between research universities, the private sector, and the government, with hopes to create a new and efficient technology application within the digital payments system.

In this case, Project FIRE aims to conduct research on the requirements to create a viable token-based CBDC that replicates some of the features of cash, evaluating the compulsory specific technical infrastructure and design requirements. If successful, the project will provide thought-leadership in the space, with insight from key partners who will be central in designing the future forms of digital money in the UK.