The Bank of England, U.K.'s central bank, is reportedly looking to build a team of approximately 30 people to develop a central bank digital currency (CBDC). This was initiated in response to the announcement made in February by the central bank and finance ministry of Britain to develop a digital version of the pound sterling. The project was identified in the press as 'Britcoin', however, exact title is yet to be determined.

In order to prompt research and development of the digital currency, the Bank of England announced two new job openings, i.e., a Digital Pound Solutions Architect which pays up to £80,000 in salary and a Digital Pound Security Architect with a similar salary. Moreover, in January, the Treasury also advertised for a Head of Central Bank Digital Currency.

Commenting on this, Ian Taylor, the board adviser of CryptoUK - trade association, stated that 'a team of 30 seems like quite a considerable amount of resources to set for the digital pound,' thereby showing the amount of seriousness the authorities are investing to avail the digital currency. In addition, it also showcases the affect the currency may have post its launch, which isexpected to be massive.

This move of the Bank of England is apparently welcomed by the public, as it will ensure wider acceptance and use of the digital currency. The transition to digital currency is believed to eliminate the need of physical contact to make payments. This will simplify various businesses and processes related to money and subsequently, provide primary benefits to the masses.



Other News from Today