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Bank of England Assembles Team for Digital Pound Development

The Bank of England aims to create a 30-strong team dedicated to developing a central bank digital currency (CBDC), as reported by the Sunday Times.

Bank of England
Bank of England

UK Central Bank and Finance Ministry Explore Digital Pound

In February, the UK's central bank and finance ministry announced further research and development into a digital version of the pound sterling. The public was invited to share their thoughts on the proposal. Despite being nicknamed "Britcoin" by the media, the bank has not yet confirmed whether the digital pound would utilize distributed ledger technology.

Digital Pound Architect Positions Listed on Bank's Website

The bank's career page recently listed two positions: Digital Pound Security Architect and Digital Pound Solutions Architect. Both roles, added last month, offer salaries of up to £80,000 ($99,000). In January, the Treasury sought a Head of Central Bank Digital Currency.

Significance of 30-Member Team Emphasizes Bank's Commitment

Ian Taylor, a board adviser for the trade association CryptoUK, commented that the size of the 30-member team demonstrates the potential impact of the digital pound and the Bank of England's seriousness in pursuing the project.