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Payments Platform Nuggets Working With Bank of England on Privacy Layer for Digital Pound

CoindeskCoindesk2023/07/05 15:20
By:Camomile Shumba

The BofE said in February that a digital pound was likely needed, but that it will not make a decision on issuing one until at least 2025.

The Bank of England (Camomile Shumba / CoinDesk)

Payments platform is working with the Bank of England to develop a privacy and identity layer for a potential digital pound, according to a press release on Wednesday.

The platform, which enables plans to design a private and secure system to prevent the tracking and correlation of transactions, as well as prevent fraud and money laundering.

The Bank of England (BoE) launched its on a in February, and said then that a digital pound was but that it would not make a decision on issuing one until at least 2025. Digital pound privacy is a in the past.

Nuggets said that it plans to implement zero-knowledge proofs on its privacy layer, which will enable people to verify their identity without sharing their data.

is the founder and CEO of Nuggets, which he started in 2016 with co-founder Seema Khinda Johnson. Nuggets initially worked with the Bank of International Settlements (BIS) and the BoE on a project to connect monetary authorities and the private sector to facilitate retail digital currency payments called . Off the back of that work, Nuggets was asked by the BoE to investigate and design the privacy layer for the digital pound, a company spokesperson said.

Update(July 5 15:20 UTC): Adds Nuggets background in the last paragraph.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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