The Nordic arm of the Bank for International Settlements innovation hub, is inviting technology suppliers to submit ideas for implementing offline functionality in a future central bank digitial currency.
Many central banks considering potential implementation of CBDC deem offline functionality as an important requirement, citing reasons such as resilience, crisis, financial inclusion, cash resemblance, privacy, accessibility as well as others.
By inviting technology suppliers to submit their propositions, the Nordic Centre hopes to guide central banks in understanding the applicability, suitability and readiness of the variety of solutions available, the risks and trade-offs and the maturity of the technology.
Selected vendors will be invited to present their solutions to a panel of BIS experts and reps from other central banks.
States the BIS: "The solution must be demonstrable, regardless of which stage of maturity the product is at, and not conceptual."
The deadline for applications is 24 February. Selected participants will be notified in March.
To learn more about payments innovation, register for NextGen Nordics to take place on 25 April 2023.