Bank of England Targets 30-Strong Team for Digital Currency

Bank of England Targets 30-Strong Team for Digital Currency – According to a report in the Sunday Times, the Bank of England is planning to form a team consisting of as many as 30 people in order to develop a central bank digital currency (CBDC). The publication did not specify where it acquired the figure.

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The United Kingdom’s central bank and finance ministry announced in February that they will begin additional research and development on a digital version of the pound sterling, and they urged the general public to weigh in on the plans. The project has been referred to as Britcoin by the press; however, the bank is not fond of the moniker and has stated that a decision has not been made over whether or not a digital pound will utilise distributed ledger technology.

On the careers page of the bank’s website, there are openings for a Digital Pound Security Architect as well as a Digital Pound Solutions Architect. Both of these posts were posted around the end of the previous month. These positions offer salaries of up to 80,000 British pounds ($99,000).

In January, the Treasury Department put out a job advertisement for a Head of Central Bank Digital Currency. “A team of 30 seems like quite a significant resource to focus on the digital pound,” said Ian Taylor, a board adviser for trade association CryptoUK, according to the newspaper. “It shows the impact it would have, and that the Bank is serious about it.”

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