The Central Bank of England will launch the "Digital Pound Laboratory" to test CBDC innovation

PANews News on January 14th, according to The Block, the Central Bank of England will launch the 'Digital Pound Laboratory' this year as part of its potential Central Bank Digital Money (CBDC) design phase blueprint. The laboratory will operate in a sandbox environment, supporting practical experiments on CBDC APIs, innovative use cases, and potential business models. According to the Digital Pound Progress Report released by the Central Bank of England on Tuesday, the laboratory will provide a platform for collaboration with private sector partners to explore functionality and technological innovation. The program aims to provide valuable insights for the ongoing design phase of the UK's payment and technology sectors. The Central Bank of the United Kingdom emphasizes that it understands the needs and challenges of individuals and businesses through investigations and working groups; these efforts help identify pain points in existing payment systems, and the Digital Pound Lab will further explore these pain points. The lab will also assess the feasibility of specific use cases, with a focus on technical and operational considerations. The insights gained will support the development of potential digital pounds as an innovative platform. As part of this initiative, the Central Bank of the United Kingdom has announced changes to its consultation framework. The participation in forums and academic advisory groups will continue to operate, while the technical forum will gradually close. In its place, under the impetus of the Digital Pound Lab, technology-focused discussions will become more direct and detailed.