Bank of England sets up CBDC team

The Bank of England (BoE) has initiated the recruitment of workers to develop its central bank digital currency. The BoE is planning to create a team of up to 30 professionals to oversee the development of its digital currency, as per a report by The Times. Ian Taylor, an adviser to CryptoUK, expressed his opinion to The Times that “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 are serious about it.”

The BoE website has recently listed openings for a “digital pound solutions architect” and “digital pound security architect” in its career section. These positions were added in March 2023, suggesting that the BoE is moving ahead with its plans for a central bank digital currency.

The digital currency is expected to be referred to as the ‘digital sterling’ or ‘digital pound’ and has been nicknamed ‘Britcoin’. The currency will be issued by the BoE and backed by the government. The BoE and the government mentioned in their consultation paper that they believe a digital pound will be required in the future. However, it is still too early to decide whether to introduce the digital pound, but they are convinced that preparatory work is justified.

In April 2021, Rishi Sunak, the then Chancellor, had instructed the Bank of England to consider the case for a potential Britcoin or central-bank-backed digital currency. The BoE’s decision to recruit a team of up to 30 individuals suggests that the central bank is seriously considering the creation of a digital currency. This move also highlights the growing importance of digital currencies in the global economy.