The Bank of England plans to launch a "digital pound laboratory" to test central bank digital currency

ChainCatcher news, according to The Block, the Bank of England will launch the "Digital Pound Lab" this year as part of its blueprint for the design phase of a potential central bank digital currency (CBDC).

The lab will operate in a sandbox environment, supporting practical experiments on CBDC APIs, innovative use cases, and potential business models. According to the progress report on the digital pound released by the Bank of England on Tuesday, the lab will provide a platform for collaboration with private sector partners to explore functionalities and technological innovations. The initiative aims to provide insights for the UK's payments and technology sectors during the ongoing design phase.