Bank of England builds a team of experts for CBDC

The Bank of England is ramping up plans for Britcoin.

By Anna B Kiwanuka

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The Bank of England is looking to hire a staff of as many as 30 people to develop a central bank digital currency, according to 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 CBDC initiative of the Bank of England looks to investigate the advantages and disadvantages of digital currencies, including their effects on monetary policy, financial stability, and consumer protection. 

This may help the bank to assess CBDC’s technical viability, taking into account concerns about cybersecurity, privacy, and compatibility with current payment systems.

However, the Bank of England is aware of the possible dangers and difficulties involved with CBDCs, such as the requirement to take precautions against fraud, money laundering, and cyberattacks.

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. It shows the impact it would have, and that the bank is serious about it,”  said Ian Taylor, a Board Adviser for Trade Association CryptoUK.

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