The Bank of England is planning to launch a "Digital Pound Innovation Lab" to test a central bank digital currency.

BlockBeats News, January 15th, the Bank of England will launch the "Digital Pound Lab" this year as part of its central bank digital currency (CBDC) design phase blueprint. The lab will operate in a sandbox environment, supporting practical experimentation with CBDC APIs, innovative use cases, and potential business models.

According to the Bank of England's Digital Pound Progress Report released on Tuesday, the lab will provide a platform for collaboration with private sector partners to explore functionality and technical innovations. The plan is to provide insights for the UK's payments and technology sector in the ongoing design phase.