• Payments platform Nuggets is working with the Bank of England (BoE) to develop a privacy and identity layer for a potential digital pound.
• The BofE said in February that a digital pound was likely needed, but it won’t make a decision until at least 2025.
• Nuggets plans to implement zero-knowledge proofs on its privacy layer, which will enable people to verify their identity without sharing their data.
Nuggets Working With Bank of England on Privacy Layer for Digital Pound
The Bank of England (BoE) 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.
Privacy Layer for Digital Pound
Payments platform Nuggets is working with the Bank of England to develop a privacy and identity layer for the potential digital pound. The platform enables decentralized identity, and plans to design a private and secure system to prevent the tracking and correlation of transactions, as well as prevent fraud and money laundering.
Zero-Knowledge Proofs
Nuggets plans to implement zero-knowledge proofs on its privacy layer so that people can verify their identity without having to share their personal data.
Background
Founder and CEO Alastair Johnson started Nuggets in 2016 with co-founder Seema Khinda Johnson. Initially, they worked with both the Bank of International Settlements (BIS) and the BoE on Project Rosalind – connecting monetary authorities and the private sector to facilitate retail digital currency payments.