On Friday, the Bank of England had announced that they would collaborate with the prestigious Michigan Institute of Technology in order to take part in the year-long CBDC research project. Previously as reported in cryptoviga.com, the Media Lab Digital Currency Initiative, or DCI, was involved in a joint twelve-month research project with Fed and Bank Canada, and the topic of the research project was Central Bank Digital Currency or CBDC. But the bank has stated that the project was initiated for the sole purpose of research, and they have not intended to develop or start an operation CBDC.
In 2020, the bank started its study on CBDC, and in March of that year, they first released a discussion paper in which the DCI countered with the discussion if the Central bank Cryptocurrency could meet the objective mentioned in the paper. The latest discussion of the bank on CBDC was released on Thursday.
In this project, the Federal Reserve Bank and the Bank of Canada was also involved, and now the Bank of England has also joined the same, and most importantly, the research partner of all of these financial organizations are DCI of MIT.