MIT Digital Currency Initiative

Contract summary

Industry

• Banking services - 66110000

Location of contract

United Kingdom

Value of contract

£75,000

Procurement reference

BOE001-DN604576-19593176

Published date

28 March 2022

Closing date

14 January 2022

Closing time

11:59pm

Contract start date

1 February 2022

Contract end date

31 January 2023

Contract type

Service contract

Procedure type

Not applicable

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

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Description

In February 2022, the Bank of England and the Massachusetts Institute of Technology (MIT) agreed to collaborate on a twelve-month research project on Central Bank Digital Currency (CBDC). The Bank will partner with the MIT Media Lab's Digital Currency Initiative (DCI) team to explore potential technical challenges, trade-offs, opportunities and risks involved in designing a CBDC system.

The collaboration forms part of the Bank's wider 'research and exploration' into CBDC, and will be focused on exploration and experimentation of potential technology approaches. This work is focused on exploratory technology research and is not intended to develop an operational CBDC. No decision has been made on whether to introduce a CBDC in the UK, which would be a major national infrastructure project. Undertaking this type of technical research will help inform wider policy thinking around CBDC.

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Award information

Awarded date

31 January 2022

Contract start date

1 February 2022

Contract end date

31 January 2023

Total value of contract

£75,000

This contract was awarded to 1 supplier.

Massachusetts Institute of Technology

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About the buyer

Contact name

Malik Norgan

Address

Bank of England
Threadneedle Street
London
EC2R 8AH
United Kingdom

Telephone

+44 7941895968

Email

Malik.Norgan@bankofengland.co.uk

Website

http://www.bankofengland.co.uk