The Bank of England (BOE), the U.K.'s central bank, plans to form a 30-person team that will develop a central bank digital currency (CBDC), also known as the digital pound or Britcoin, according to a recent report from the Sunday Times.

 

The Bank of England (BOE), the U.K.'s central bank, plans to form a 30-person team that will develop a central bank digital currency (CBDC), also known as the digital pound or Britcoin, according to a recent report from the Sunday Times.  The job postings were opened on the careers page of the bank's website. The new positions include a Digital Pound Security Architect and Digital Pound Solutions Architect. The bank offers £80,000 ($99,000) in salary to the candidates. In February, the Deputy Governor for Monetary Policy at the BOE, Ben Broadbent, implied that the digital pound could bring big opportunities to financial institutions, businesses, and individuals.  Broadbent also pointed out that the U.K.'s central bank is paying the keenest attention to a possible digital pound, focusing on its regulatory implications. A board adviser for the trade association CryptoUK, Ian Taylor, interpreted the 30-people team as strong evidence that the bank is serious about its CBDC plans. On Feb. 7, BOE announced its plans to explore potential use cases of a CBDC in collaboration with the U.K. Treasury, requesting feedback on the issue from the public.  The nation's financial agencies will receive feedback until June 7 and then start designing the CBDC.