Central Banks Test CBDC Use Cases, XRP and Britcoin in the Spotlight.
The Bank for International Settlements (BIS) and the Bank of England have successfully developed 33 API functionalities to test over 30 CBDC use cases, including offline payments, peer-to-peer transfers, and retail payments, demonstrating the versatility of CBDCs. The experiment explored the potential of an API layer to support a retail CBDC, enabling secure payments across various use cases, and tested an array of payment options such as online, offline, in-store payments, and interactions with QR codes, mobile phones, smart cards, among others. The successful implementation of 33 API functionalities to support 30 retail CBDC cases has set a precedent for the potential of CBDC systems, fostering a significant contribution to global digital currency conversations.