Bank of England begins building out its CBDC team


The Bank of England (BofE) has begun hiring workers to develop its digital currency, according to PYMNTS.

The publication noted that the Bank wants to create a team of up to 30 people to oversee its central bank digital currency, as originally reported by The Times.

Ian Taylor, an adviser to CryptoUK, told The Times, “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.”

The career section on the BofE website lists openings for a ‘digital pound solutions architect’ as well as a ‘digital pound security architect’ which were added in March.

The career section on the BOE website lists openings for a “digital pound solutions architect” and “digital pound security architect,” both added in the last week of March.

The currency, which is also being referred to as the ‘digital sterling’ or ‘digital pound’ — and nicknamed ‘Britcoin’ — would be issued by the BOE and backed by the government.

The two entities said in their consultation paper, “At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified.”

Back in April 2021, then Chancellor Rishi Sunak originally told the Bank of England to look at the case for a potential Britcoin or central-bank-backed digital currency.

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