Bank of England flirts with offline digital dosh
The Bank of England is testing out offline digital payment systems, demonstrating that tech for phone-to-phone and card payments can work even without a network connection, but they’re still on the fence about implementing it fully.
Key Points
- The Bank of England has shown that offline digital payment systems can function effectively.
- Tests included various methods such as phone-to-phone and card-to-phone transactions, though actual payments weren’t conducted.
- No solid decisions have been made regarding the implementation of offline payment features for a potential digital pound (or Britcoin).
- The prototype utilised Bluetooth communication and a secure backend for reconciling payments when the device is online.
- Challenges include security, performance, and user experience, which still need to be navigated before any implementation.
Why should I read this?
If you’re curious about how digital currencies might develop in the UK, this article lays out some exciting early tests from the Bank of England. It’s like getting a sneak peek into the future of money. Plus, it highlights the importance of balancing tech feasibility with security and policy concerns. This is crucial as central bank digital currencies take centre stage globally, so it’s well worth your time!