#21: Exploring Project Rosalind

CBDC Broadcast

12 Oct

25th October 2023

With:

| Danny Russell (Bank of England)

| Catherine Gu (Visa)

In Session #21, Danny Russell (Bank of England) and Catherine Gu (VISA) join FNA to explore Project Rosalind—a joint experiment by the BIS Innovation Hub and the Bank of England. Named after the scientist who helped discover the structure of DNA, the project focuses on the "genetic code" of a CBDC: the Application Programming Interface (API).

Project Rosalind tested a two-tier distribution model where the central bank maintains the core ledger while the private sector—including players like VISA—innovates on the user-facing layer. The experiment successfully developed 33 API endpoints and validated over 30 use cases, ranging from simple peer-to-peer transfers to complex, programmable retail payments.

Key Discussion Points:

The Two-Tier Blueprint: Understanding the division of labor between the central bank (ledger) and private sector (consumer interface).
Standardized Innovation: How a universal API layer fosters competition while ensuring all players speak the same "technical language."
Programmability & Logic: Exploring how the private sector can embed smart logic into money for automated "if-this-then-that" payments.
Interoperability by Design: Lessons on ensuring the CBDC ecosystem remains open, extensible, and integrated with existing payment rails.

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