Award

MIT Digital Currency Initiative

BANK OF ENGLAND

This public procurement record has 1 release in its history.

Award

28 Mar 2022 at 12:23

Award Notice
Summary of the contracting process

The procurement process for the "MIT Digital Currency Initiative" was led by the Bank of England. This project falls under the banking services industry and was located in the United Kingdom. The tender was initiated on 1st February 2022 and completed by 31st January 2023, with a total contract value of £75,000. The procurement achieved completion as of 28th March 2022 and was classified as a tender process, to explore potential technological approaches in the research of Central Bank Digital Currency (CBDC).

This tender presents opportunities for businesses involved in financial technology and research services, particularly those specialising in digital currencies and banking solutions. Small and medium enterprises (SMEs) that can demonstrate innovative approaches or expertise in CBDC-related technologies would be well-suited to engage in such tenders. The nature of this collaboration could foster partnerships and create avenues for innovation in the evolving landscape of digital financial services.

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Notice Information

Notice Title

MIT Digital Currency Initiative

Notice Description

In February 2022, the Bank of England and the Massachusetts Institute of Technology (MIT) agreed to collaborate on a twelve-month research project on Central Bank Digital Currency (CBDC). The Bank will partner with the MIT Media Lab's Digital Currency Initiative (DCI) team to explore potential technical challenges, trade-offs, opportunities and risks involved in designing a CBDC system. The collaboration forms part of the Bank's wider 'research and exploration' into CBDC, and will be focused on exploration and experimentation of potential technology approaches. This work is focused on exploratory technology research and is not intended to develop an operational CBDC. No decision has been made on whether to introduce a CBDC in the UK, which would be a major national infrastructure project. Undertaking this type of technical research will help inform wider policy thinking around CBDC.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/3bfba937-6210-4c4c-8b22-edeccaf3be68
Current Stage
Award
All Stages
Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Not Specified
Procurement Method Details
Not applicable
Tender Suitability
SME
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

66 - Financial and insurance services

CPV Codes

66110000 - Banking services

Notice Value(s)

Tender Value
£75,000 Under £100K
Lots Value
Not specified
Awards Value
£75,000 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
28 Mar 20223 years ago
Submission Deadline
14 Jan 2022Expired
Future Notice Date
Not specified
Award Date
31 Jan 20224 years ago
Contract Period
1 Feb 2022 - 31 Jan 2023 6-12 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
BANK OF ENGLAND
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2R 8AH
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Walbrook
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

MASSACHUSETTS INSTITUTE OF TECHNOLOGY

Further Information

Notice Documents

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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