Bank of England Determined To Build A CBDC With A Team Of 30 People

Key Points:

• The Bank of England is expanding its ambitions for a Britcoin digital currency by employing up to 30 individuals to work on the project.
• The Bank of England said in February that a system for a new digital pound would be developed.
• It is currently looking for project managers, including a digital-pound solution architect and a security architect.

According to the Sunday Times, the Bank of England is planning to form a team of up to 30 employees to create a central bank digital currency (CBDC).

The United Kingdom’s central bank and finance ministry said in February that they were beginning additional research and development on a digital version of the pound sterling and encouraged the public to weigh in on the plans without specifying where the number came from.

According to Ian Taylor, a board advisor for the trade organization CryptoUK:

“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.”

Positions for a digital pound solution architect to explore the merits of possible designs and a security architect to help ensure that any new currency is safe and robust against any cyber or privacy risks were posted to the bank’s internet jobs page at the end of last month.

Both offer salaries of up to 80,000 British pounds. In January, the Treasury advertised for a Chief of Central Bank Digital Currency.

Although the initiative has been nicknamed Britcoin in the news and was championed by Rishi Sunak as chancellor, the bank is less enthusiastic about the term, stating that no decision has been taken on whether a digital pound would utilize distributed ledger technology.

The Bank of England has committed to working on CBDC research with the Massachusetts Institute of Technology (MIT) Media Lab Digital Currency Project, according to a statement on the bank’s website (DCI). The bank previously produced a study on the operation of a national digital currency, to which DCI responded with proposals for how the paper’s aims may be realized.

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