CBDC Engagement Forum

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CBDC Engagement Forum
 
Economic Secretary to the Treasury Remarks and Roundtable Discussion
Engagement Forum refresh and working groups
Project Rosalind
CBDC Design Phase Objectives
Next Steps and AOB
 
Agenda
 
Item 3: Engagement Forum refresh
and working groups
 
Current Engagement Forum membership
 
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Working group 1: offline payments
Considerations for the working group:
 
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What constitutes an offline payment and is it
feasible to implement offline payments in
CBDC?
Consideration for the working group:
 
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What are the range of factors that would
influence whether merchants accept digital
pound payments alongside other payment
methods?
 
Working group 2: retailer needs
 
The working groups will present their findings to the Engagement Forum
undefined
 
Item 4: Project Rosalind
An API Prototype for retail CBDC ecosystem innovation
 
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We had clear aims for Project Rosalind
 
Gain applied understanding of technologies relevant to the design of the digital pound; and
assess through practical work their suitability for deployment in a digital pound blueprint.
 
Gather evidence to support the decision on whether or not to build a digital pound, specifically
with regard to technology feasibility, suitability, risk and cost.
 
Enrich policy and design work with insights and real world perspectives.
 
Enhance the Bank’s capabilities and skills across a range of cutting edge digital currency
technologies, that might be suitable in varied deployments (e.g. CBDC, tokenised deposits, real
time payments etc).
 
Support capacity building and generate spill-over benefits across the UK digital currency
technology community through knowledge sharing and collaboration.
 
Why we experiment
 
APIs allow applications and systems to communicate with each other.
They enable interoperability between different systems and provide access to
functionality.
They allow developers to develop the use cases that we employ in our everyday
lives.
Common examples include TfL journey planner.
 
 
 
APIs are fundamental to how the digital world works
 
Project Rosalind is…
 
 
Build API prototypes to explore
how an application-agnostic API
layer could enable retail payments
while support innovation.
 
Support the exploration of the
platform model.
 
Public-private collaboration. Public
sector to provide basic
infrastructure – API layer. Private
sector service providers to provide
user-facing applications.
 
The project delivered…
 
Rosalind APIs
 
Rosalind Sandbox
 
30+ use cases
 
Project report
 
The private sector developed a broad range of innovative use
cases
Payments
PoS
QR
Smart Cards
Offline Payments
e-Sim Payments
E-commerce
One-click checkouts
Conditional Payments
Cash on delivery
P
ocket money
Gig economy workers
Trade Finance
Electronic receipts
Micropayments
Split payments
Integrations
Smart assistants
Web-3
NFTs
Card schemes
Decentralised ID
 
Reusing the APIs for existing and future experiments during the design phase.
 
 
What’s next?
undefined
 
Item 5: Digital Pound:
Design Phase objectives
 
Digital Pound Design Phase: where we are now?
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Technical development work and
proof of concepts
Developing architecture and digital
pound platform technical design
Decision on whether to proceed
Phase 3: Build & Test: only if a
decision is taken to proceed
Dependent on decision to proceed
Large scale prototypes & live
pilots
Research and exploration of
digital 
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Development of the model set
out in the 2023 Consultation
 
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After close of consultation on 30 June:
 
Seven aims for the design phase
Cut lead-times on development; gain knowledge and capabilities; stand ready to move into a ‘build’ phase, subject to decision.
Determine the technological feasibility and investment needed to build a digital pound
.
Articulate, in detail, what the technology and operational architecture for a digital pound would look like.
Assess and evaluate benefits and costs of the digital pound architecture.
Deepen the Bank’s knowledge of CBDC technology and private sector understanding of our technology approach
.
Support the development of the broader UK digital currency technology industry through experimentation and proofs of concept.
Provide the basis for a future decision on whether to introduce a digital pound and move to a ‘build’ phase.
By the end of the design phase, we will have:
Evaluated the technological feasibility of the digital pound
Determined the optimal design and technology architecture
Supported business model innovation through knowledge sharing and private-public
collaboration.
 
Design Phase: building our work on four pillars
Technical Experiments
National Conversation
Explore different technology
solutions and experiments
Develop use cases
Support industry
“Open, national conversation”
about the future of our money
Explain and build trust in our work
on digital pound
 
 
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Refreshed Technology
 Forum
New Academic Advisory Group
The Forum will support work across the design phase:
1)
Strategic advice and input on 
digital pound 
work and wider industry and society context
 
2)
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Role of the Engagement Forum in the Design Phase
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This document outlines the details of the CBDC Engagement Forum held on 18th September 2023, focusing on the discussions around Project Rosalind, design objectives, working groups on offline payments and retailer needs, and the current membership involved in the forum. The engagement forum members are actively participating in exploring various aspects related to digital pound design, offline payments, and merchant requirements for digital pound integration, with the aim to enhance innovation in the CBDC ecosystem. The document also highlights the presentation of findings by the working groups to the forum members for further collaboration and progress.


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  1. CBDC Engagement Forum 18 September 2023

  2. Agenda Economic Secretary to the Treasury Remarks and Roundtable Discussion Engagement Forum refresh and working groups Project Rosalind CBDC Design Phase Objectives Next Steps and AOB

  3. Item 3: Engagement Forum refresh and working groups

  4. Current Engagement Forum membership Hannah Regan British Retail Consortium Mick McAteer Financial Inclusion Centre Ruth Wandh fer PSR Panel Adam Jackson Innovate Finance Charlotte Hogg Visa Europe Simon Coles PayPoint Andrew Murphy John Lewis Partnership Chris Rhodes Nationwide Building Society Nabil Manji Worldpay Harry Newman Swift Anne Boden Starling Bank Natasha de Ter n Financial Services Consumer Panel Jana Mackintosh UK Finance Simon Gleeson Clifford Chance Colin Bell HSBC Jorn Lambert Mastercard Arvin Abraham Goodwin Procter Simon Gayford Frontier Economics Diana Layfield Google Neha Narula MIT Arunan Tharmarajah Wise Kate Frankish PayUK Tracy McDermott Standard Chartered Bank David Grunwald NatWest Group Paul Bances PayPal Etay Katz Ashurst Martin McTague Federation of Small Businesses Bryan Zhang Cambridge Centre for Alternative Finance William Chalmers Lloyds Banking Group Reema Patel Ipsos UK Fran Boait Positive Money

  5. Working group 1: offline payments Working group 2: retailer needs Considerations for the working group: Consideration for the working group: What are the use cases for offline payments and how would that influence design of the digital pound? What constitutes an offline payment and is it feasible to implement offline payments in CBDC? What would merchants need from a digital pound design? What are the range of factors that would influence whether merchants accept digital pound payments alongside other payment methods? The working groups will present their findings to the Engagement Forum

  6. Item 4: Project Rosalind An API Prototype for retail CBDC ecosystem innovation

  7. We had clear aims for Project Rosalind Innovation platform - using public infrastructure to support private innovation. Harness the creativity of innovators and entrepreneurs - encouraging the private sector to experiment and create use cases. Reusable resource creating a reusable and adaptable technology asset which can be reused for further experimentation, and to generate further innovation. Distinctive project deliberately different to other central bank experiments by focusing on the API layer, and producing a resource that is agnostic to specific payments use cases.

  8. Why we experiment Gain applied understanding of technologies relevant to the design of the digital pound; and assess through practical work their suitability for deployment in a digital pound blueprint. Gather evidence to support the decision on whether or not to build a digital pound, specifically with regard to technology feasibility, suitability, risk and cost. Enrich policy and design work with insights and real world perspectives. Enhance the Bank s capabilities and skills across a range of cutting edge digital currency technologies, that might be suitable in varied deployments (e.g. CBDC, tokenised deposits, real time payments etc). Support capacity building and generate spill-over benefits across the UK digital currency technology community through knowledge sharing and collaboration.

  9. APIs are fundamental to how the digital world works APIs allow applications and systems to communicate with each other. They enable interoperability between different systems and provide access to functionality. They allow developers to develop the use cases that we employ in our everyday lives. Common examples include TfL journey planner.

  10. Project Rosalind is Build API prototypes to explore how an application-agnostic API layer could enable retail payments while support innovation. Support the exploration of the platform model. Public-private collaboration. Public sector to provide basic infrastructure API layer. Private sector service providers to provide user-facing applications.

  11. The project delivered Rosalind APIs Rosalind Sandbox 30+ use cases Project report

  12. The private sector developed a broad range of innovative use cases Payments Conditional Payments Cash on delivery Pocket money Gig economy workers Trade Finance Electronic receipts Micropayments Split payments Integrations PoS QR Smart Cards Offline Payments e-Sim Payments E-commerce One-click checkouts Smart assistants Web-3 NFTs Card schemes Decentralised ID

  13. Whats next? Reusing the APIs for existing and future experiments during the design phase.

  14. Item 5: Digital Pound: Design Phase objectives

  15. Digital Pound Design Phase: where we are now? Phase 3: Build & Test: only if a decision is taken to proceed Phase 2: Design 2023 2025/26 Phase 1: Research and explore 2018-2022 Dependent on decision to proceed Large scale prototypes & live pilots Research and exploration of digital currency questions Development of the model set out in the 2023 Consultation Technical development work and proof of concepts Developing architecture and digital pound platform technical design Decision on whether to proceed Actions After close of consultation on 30 June: Review 50k+ responses Respond formally later this year Iterate further over design phase

  16. Seven aims for the design phase Cut lead-times on development; gain knowledge and capabilities; stand ready to move into a build phase, subject to decision. Determine the technological feasibility and investment needed to build a digital pound. Articulate, in detail, what the technology and operational architecture for a digital pound would look like. Assess and evaluate benefits and costs of the digital pound architecture. Deepen the Bank s knowledge of CBDC technology and private sector understanding of our technology approach. Support the development of the broader UK digital currency technology industry through experimentation and proofs of concept. Provide the basis for a future decision on whether to introduce a digital pound and move to a build phase. By the end of the design phase, we will have: Evaluated the technological feasibility of the digital pound Determined the optimal design and technology architecture Supported business model innovation through knowledge sharing and private-public collaboration.

  17. Design Phase: building our work on four pillars Assessment Build evaluation framework for assessment of proposition Assess feasibility and viability of digital pound proposition Technical Experiments National Conversation Explore different technology solutions and experiments Develop use cases Support industry Open, national conversation about the future of our money Explain and build trust in our work on digital pound Digital Pound Blueprint Determine what the digital pound will look like Set out product proposition Establish build requirements

  18. Role of the Engagement Forum in the Design Phase The design phase will require deeper expert input and problem-solving. The Forum refresh and the launch of working groups reflect this, alongside: Refreshed Technology Forum New Academic Advisory Group The Forum will support work across the design phase: 1) Strategic advice and input on digital pound work and wider industry and society context 2) Forum and working groups to support development of the Blueprint 3) Forum members to shape development of National Conversation as work progresses The Forum will be pivotal in ensuring the design phase is taken forward with input from private sector and civil society.

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