---
title: "MIT Digital Currency Initiative"
ocid: "ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d"
canonical_url: "https://d3tenders.com/contract/?ocid=ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d"
markdown_url: "https://d3tenders.com/contract/ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d.md"
json_url: "https://d3tenders.com/contract/ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d.json"
source: "Contracts Finder"
current_stage: "Award"
buyer: "BANK OF ENGLAND"
published: "2022-03-28"
---

# MIT Digital Currency Initiative

Buyer: BANK OF ENGLAND  
Current stage: Award  
OCID: ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d

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## Summary

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.

## Notice

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.

## Key Details

| Field | Value |
| --- | --- |
| Publication source | Contracts Finder |
| Latest notice | https://www.contractsfinder.service.gov.uk/Notice/3bfba937-6210-4c4c-8b22-edeccaf3be68 |
| 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 |
| All stages | Award |

## Dates

| Field | Value |
| --- | --- |
| Publication date | 28 Mar 2022 |
| Submission deadline | 14 Jan 2022 |
| Future notice date | Not specified |
| Award date | 31 Jan 2022 |
| Contract period | 1 Feb 2022 - 31 Jan 2023 |
| Recurrence | Not specified |

## Values

| Field | Value |
| --- | --- |
| Tender value | £75,000 |
| Lots value | Not specified |
| Awards value | £75,000 |
| Contracts value | Not specified |

## Status

| Field | Value |
| --- | --- |
| Tender status | Complete |
| Lots status | Not specified |
| Awards status | Active |
| Contracts status | Not specified |

## Buyer

| Field | Value |
| --- | --- |
| Main buyer | BANK OF ENGLAND |
| Locality | LONDON |
| Post town | Central London |
| Postcode | EC2R 8AH |
| Country | England |
| ITL 1 | TLI London |
| ITL 2 | TLI3 Inner London - West |
| ITL 3 | TLI35 Westminster and City of London |
| Local authority | City of London |
| Electoral ward | Walbrook |
| Westminster constituency | Cities of London and Westminster |
| Delivery location | Not specified |

## Supplier

| Field | Value |
| --- | --- |
| Number of suppliers | 1 |
| Supplier names | MASSACHUSETTS INSTITUTE OF TECHNOLOGY |

## CPV Codes

### Divisions

- 66 - Financial and insurance services

### Codes

- 66110000 - Banking services

## Release History

- 28 Mar 2022 at 12:23 - Award - Award Notice - https://www.contractsfinder.service.gov.uk/Notice/3bfba937-6210-4c4c-8b22-edeccaf3be68

## Documents

- https://www.contractsfinder.service.gov.uk/Notice/3bfba937-6210-4c4c-8b22-edeccaf3be68
  28th March 2022 - Awarded contract notice on Contracts Finder

## Notice URLs

- http://www.bankofengland.co.uk

## Provenance

This Markdown file is an alternate public rendering of the D3 Tenders contract record. The canonical page is https://d3tenders.com/contract/?ocid=ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d. The underlying structured data is available as OCDS JSON at https://d3tenders.com/contract/ocds-b5fd17-d665716b-f714-41c1-a8e1-56bd206d130d.json.