The Bank of England (BoE) has announced that it will set up a "Digital Pound Lab" in 2025 to conduct CBDC innovation experiments in a sandbox environment. According to the central bank's latest digital pound progress report, the lab will provide a CBDC API testing platform for the private sector to explore innovative application scenarios and business models. The Bank of England said it has gained a deep understanding of user needs through surveys and working groups, and the lab will focus on addressing the pain points of the existing payment system. In addition, the Technical Forum will cease operations and discussions will be led by the Digital Pound Lab.

The Bank of England (BoE) has announced that it will set up a "Digital Pound Lab" in 2025 to conduct CBDC innovation experiments in a sandbox environment. According to the central bank's latest digital pound progress report, the lab will provide a CBDC API testing platform for the private sector to explore innovative application scenarios and business models. The Bank of England said it has gained a deep understanding of user needs through surveys and working groups, and the lab will focus on addressing the pain points of the existing payment system. In addition, the Technical Forum will cease operations and discussions will be led by the Digital Pound Lab.