Bank Of England To Hire Team Of 30 To Create Digital Currency

By Kevin • April 9, 2023 6:34 pm • Comments

It looks like the rise of CBDCs continue to be more and more inevitable as time goes on as news of a new CBDC gets released every day.

This week, the Bank of England announced that they are looking to build a team of 30 people to look into developing a central bank digital currency.

It would be used by the UK’s central bank as a way to fulfill the country’s mission to create a digital version of the English pound.

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What the name of this new CBDC would be is still undetermined, but rumors online are already giving it the nickname “Britcoin”.

In terms of the exact implementation of the CBDC and what blockchain project it would use, the information is still unknown although Ripple seems to be the top contender all around the world.

CoinDesk reports:

In February, the U.K.’s central bank and finance ministry said they were starting further research and development on a digital version of the pound sterling, and invited the public to weigh in on the plans. While the project has been dubbed Britcoin in the press, the bank is less keen on the moniker, saying no decision has been made on whether a digital pound would use distributed ledger technology.

The bank’s website careers page lists positions for a Digital Pound Security Architect and Digital Pound Solutions Architect, both added toward the end of last month.

Both pay as much as 80,000 British pounds ($99,000) in salary. The Treasury advertised for a Head of Central Bank Digital Currency in January.

“A team of 30 seems like quite a significant resource to focus on the digital pound,” said Ian Taylor, a board adviser for trade association CryptoUK, according to the newspaper. “It shows the impact it would have, and that the Bank are serious about it.”

The fact that the central bank is willing to commit a significant amount of financial resources indicates that it is very serious about this new initiative.

After all, there are many central banks that are exploring the potential use of CBDCs all around the world despite the many concerns that it could be used as a way to restrict financial freedom.

It is expected that top crypto talent will be hired for this team of 30 that the Bank of England is looking to assemble as the project would require many architects that are familiar with crypto and blockchain.

As of now, the timeline of the launch of such a CBDC is still unknown given that it is still very early in the process, but investors can be sure that the high competition to create one will likely cause the central bank to possibly commit more resources in the future.

CryptoMode concludes:

The development of a digital pound can potentially revolutionize the financial landscape. It can offer benefits such as faster and more efficient transactions, reduced costs, and increased security.

Moreover, the widespread adoption of a CBDC could improve financial inclusivity, granting easier access to banking services for a broader range of individuals.

With the Bank of England’s considerable resources and expertise focused on this project, it is clear that the institution recognizes the far-reaching implications of a digital pound.

The Bank of England’s decision to invest in creating a digital pound demonstrates its dedication to innovation and progress within the financial sector.

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