Britcoin launch nears after Project Rosalind CBDC tests.

The Bank of England (BoE) has taken a step forward in the development of its own digital currency, named “Britcoin.” The conclusion of Project Rosalind, a trial study conducted jointly by the Bank for International Settlements and the BoE launched in July 2022, has brought the launch of the central bank digital currency closer to reality.

Phase two of the project, which was concluded on June 16, found that the introduction of a CBDC could make payments between individuals cheaper and more efficient, while also providing firms with the opportunity to create new financial products that could reduce fraudulent financial activity. The study also explored the concept of “programmability” and concluded that a “well-designed” API layer could enable a central bank to interact with the private sector to facilitate retail CBDC payments in a safe and secure manner.

Despite the positive findings of the study, BoE Deputy Governor Jon Cunliffe said that a final decision on whether or not to launch a CBDC is still a few years away. According to a Bloomberg report, Cunliffe stated that the odds of a CBDC project going ahead currently stand at “seven out of ten.”

The study was also significant for enterprise blockchain Quant Network, which announced its role as a vendor in the study on the same day the findings from Project Rosalind were released. The announcement saw the price of Quant’s native QNT token surge by more than 20% from $96 to $117 within 12 hours.