Bizama, Gabriel R; Goodell, Geoffrey; Speed, Chris; Revans, Joe; Bowler, Ryan David; (2025) A non-custodial wallet for digital currency: Design challenges and opportunities. Journal of Payments Strategy & Systems , 19 (3) pp. 247-265. 10.69554/krmp9840.

Text Bizama et al A non-custodial wallet clean.pdf - Accepted Version Access restricted to UCL open access staff until 29 December 2025. Download (3MB)

Abstract

Digital currency is a novel form of money that could be issued and regulated by central banks or other actors, offering benefits such as programmability, security and privacy. However, the design of a digital currency system, including but not limited to central bank digital currency, presents numerous technical and social challenges. This paper presents the design and prototype of a non-custodial wallet; a device that enables users to store and spend digital currency in various contexts. To address the challenges of designing a digital currency system, we conducted a series of workshops with internal and external stakeholders, using methods such as storytelling, metaphors and ‘provotypes’ to communicate digital currency concepts, elicit user feedback and incorporate normative values into the technical design. We derived basic guidelines for designing digital currency systems that balance technical and social aspects and reflect user needs and values. Our work contributes to the digital currency discourse by demonstrating a practical example of how digital currency could be used in everyday life and by highlighting the importance of a user-centred approach. This article is also included in the Business & Management Collection which can be accessed at http://hstalks/business.

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