Coinspeaker
Bank of England Partners with Nuggets to Boost CBDC Privacy and Security
The Bank of England is a step closer to issuing a digital pound, thanks to its partnership with Nuggets, a blockchain-based identity and payments platform. The duo will work together to design a privacy layer for the UK’s proposed retail CBDC.
Nuggets has previously worked with the Bank of International Settlements and the Bank of England on Project Rosalind. The project explored the use of self-sovereign identity (SSI) for CBDCs. Based on this work, the Bank of England asked Nuggets to investigate and design the identity and privacy layer for its proposed digital pound.
What to Expect
According to Nuggets co-founder Alastair Johnson, the feature would use anonymous connections to swap and verify credentials without revealing the user’s identity. He added that the layer is “an important step in ensuring that the CBDC is both secure and privacy-preserving”. Thus, it will use Zero-Knowledge proof
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