The Bank of England (BoE) is introducing the ‘Digital Pound Lab’ to enable practical experimentation with CBDC APIs and innovative business models. This lab is part of BoE’s efforts in the design phase for a potential digital currency, aiming to enhance payment technologies in the UK.
The initiative emphasizes cooperation with private sector partners to tackle issues in existing payment systems. Stakeholder engagement through surveys and working groups will help identify challenges, ensuring the lab’s findings contribute to the effective development of the digital pound.