The BOE is considering applying DLT to its existing settlement system and introducing a wCBDC.
The Bank of England (BOE) is proposing an experimental program using its Real-Time Gross Settlement (RTGS) system and wholesale central bank digital currency (wCBDC) to judge their settlement capacity and interoperability, the central bank announced in a discussion paper.
The BOE promised to undertake the new series of experiments within the next six months. The experiments largely examine CBDC settlement in comparison with the synchronization of non-CBDC central bank money, as trialed in Project Meridian. A synchronization network integrates with existing RTGS systems.
Both CBDC and synchronization approaches may depend on distributed ledger technology. The BOE starts with a word of caution about it:
