Payments Platform Nuggets Working With Bank of England on Privacy Layer for Digital Pound
Payments platform Nuggets 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 decentralized identity, 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 launched its consultation on a central bank digital currency in February, and said then that a digital pound was likely needed but that it would not make a decision on issuing one until at least 2025. Digital pound privacy is a topic that has been raised by lawmakers 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.
