Millicent Labs, a distributed ledger-based financial technology company, announced on July 14 that it has completed a trial of a full-fledged Reserve Digital Currency (FRDC) in the UK. The experiment was a demonstration for Innovate UK, a branch of the UK government for research and innovation, which co-funded the company.
Millicent said in a statement that FRDC is a privately issued digital currency linked to fiat currency. They offer a range of fully insured FRDCs through cash deposits into a central bank account that is protected by a regulated third party.
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Innovate UK’s demo was meant to highlight the ability of FRDCs to connect blockchain and traditional technology. Simulated cash flow from a large UK consumer bank, on-chain conversion and minting of GBP-linked FRDC tokens, usage scenarios including micropayments, QR code usage, and peer-to-peer payments. Payment was made through a mobile app, custodian wallet, and custodian wallet.
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