The Bank of England (BoE) has announced that it will establish a "Digital Pound Lab" in 2025 to conduct CBDC innovation experiments in a sandbox environment. According to the latest digital pound progress report released by the central bank, the lab will provide a CBDC API testing platform for the private sector to explore innovative application scenarios and business models. The Bank of England said it has gained insight into user requests through surveys and working groups, and the lab will focus on addressing pain points in existing payment systems. In addition, the technical forum will be discontinued and discussions will be led by the Digital Pound Lab.