UK Finance, Member Banks See Benefits During Experimental Phase of a Tokenization, CBDC Platform

“Working
in
partnership,
we
have
demonstrated
how
this
platform
supports
developments
in
money
and
payments
aligned
to
common
public
and
private
sector
objectives,
while
also
providing
clear
and
long-term
customer
and
industry
benefits,”
Peter
Left,
co-chair
of
the
RLN
Project,
said
in
the
statement.

The
core
of
the
platform
comprised
a
multi-issuer
tokenization
platform
that
facilitated
the
issuance
of
tokenized
commercial
bank
deposits
plus
simulated
a
wholesale

CBDC
–
a
digital
token
issued
by
a
central
bank
for
institutions,
not
retail
users.
It
also
included
an
application
program
interface
(API)
layer
that
enabled
interoperability
across
all
forms
of
money
and
existing
ledgers.