Boom DAO Collaborates with the Bank for International Settlements to Create a Framework for Central Bank Digital Currency Utility
Paris, FRANCE / London, ENGLAND June 16, 2023
Boom DAO (“Boom”) today announces that it has recently concluded a collaboration with the Bank for International Settlements (“BIS”) Project Rosalind, spearheaded by the Bank of England, that explored various usecases for extending the utility of retail Central Bank Digital Currencies (“CBDC”).
Based on a two-tier distribution model with central banks at the foundation of the retail CBDC system and customer-facing activities carried out by private sector Payment-Interface-Providers (“PIP”), Project Rosalind explored how this interface could best enable a central bank ledger to interact with PIPs to safely provision retail payments.
Thanks to its native currency, the Boomcoin (“BMC”), Boom enables everybody to fund their wallets with cash or CBDCs and buy, sell and pay for everything online, without requiring a financial institution as an intermediary for payment processing.
Boom, as a PIP, showcased how retail CBDCs could be used to fund the Boom wallet, enabling consumers, merchants and corporates to transact internationally, B2B, B2C, C2C, in their local retail CBDC.
The final report on the initiative, released on 16 June 2023, concluded that “Project Rosalind demonstrated that a well- designed API layer can enable a central bank ledger to interact with private sector service providers to safely provide retail CBDC payments.” Other participants include Amazon, Revolut and Thales Group.
"We are excited to have demonstrated the versatility of Boom to the Bank for International Settlements and showcase it’s ability to have user wallets funded with cash, decentralised cryptocurrencies and CBDCs for goods and services payments worldwide", stated Peter Alfred-Adekeye, founder, Boom and Chairman Boom DAO.
To further extend the utility of CBDCs, Boom DAO is also leading an initiative that tokenises CBDCs on public decentralised blockchains so they may be used in decentralised finance locally and internationally. The first of this is the Wrapped eNaira (“WeNGN”), an ERC-20 tokenised version of the Nigerian Government CBDC, the eNaira.
About Bank for International Settlements
Headquartered in Basel, Switzerland, the Bank for International Settlements is the bank of central banks. Its primary goal is to foster monetary and financial stability through international cooperation among central banks. Learn more at bis.org
To learn more about Boom, please visit boom.market
About BIS Innovation Hub
The BIS Innovation Hub develops public goods in the technology space to support central banks and improve the functioning of the financial system. Project Rosalind specifically aims to develop prototypes for an application programming interface to distribute retail CBDC. Learn more at BIS Innovation Hub
Boom DAO is a permission-less, token-based membership DAO and the Boomcoin (BMC) is its governance token. 1 BMC, 1 vote. To learn more about Boom DAO, please visit boomdao.org
About Boom
1.7 billion adults have no bank accounts. They have never bought, sold or paid for anything online despite having an annual purchasing power of over $5 Trillion. They are called the unbanked. In October 2022, Boom launched as an e-commerce ecosystem that enables everybody to buy, sell and pay for everything online without requiring financial institutions as trusted intermediaries for payment processing.
Boom is enhancing the way we transact globally for the better by enabling financial inclusion for all, real-time settlements as well as asset and transaction transparency, powered by its open-source token, the Boomcoin (“BMC”) and advanced ledger technology. Learn more at boom.market
About Boom DAO
Boom DAO is a decentralised community-driven organisation that oversees the Boom ecosystem which comprises of the Boom e-commerce super-app for the unbanked, Boomswap, a decentralised, self-custody token exchange and Boom Foundation, a non-profit focused on impact investments for social good using its grant of 50 million Boomcoins.