The United Kingdom’s central bank, the Bank of England, is hiring seven experts to join a dedicated team that will explore the development and implementation of central bank digital currencies (CBDC) in the UK.
The revelations come amid the central bank maintaining that there is no clear path regarding the use and implementation of CBDC.
The news comes just a few days after the central bank, in partnership with HM Treasury, agreed to form a joint task force that will assess the suitability of introducing a digital pound, a CBDC that has already been referred to as ‘Britcoin‘ by crypto enthusiasts.
The vacant posts are available on the Bank of England’s website. The bank urges qualified people to apply in efforts to fill four analyst positions, two architect posts, and a senior manager position linked to CBDCs. All the jobs were listed on the website on Tuesday and Wednesday. The page under the stakeholder analyst job ad says,
“Like many other central banks, the Bank of England is actively exploring whether it should develop and issue a Central Bank Digital Currency (CBDC). No decision has yet been taken on whether or not a CBDC is needed in the UK, but it is an important topic for the Bank to understand.”
Once the new team is created, it is expected to conduct an analysis focusing on the monetary policy and financial stability risks and the opportunities that come with CBDC. The team will also explore use cases, partnerships with various central banks and global financial institutions, public policy issues. The team will also look at the design and specific features of the CBDC, taking into account consumer and merchant usage and the tech design choices.
Many countries around the world are exploring and implementing CBDCs. In October last year, the Bahamas rolled out its digital Sand Dollar, while last year, the country’s central bank introduced Dcash, a digital currency. Others include Russia, Japan, and Canada to name a few.
Perhaps China is the most notable among the main global economies to explore the CBDC idea as the country has so far conducted various pilots with its digital yuan. The Chinese central bank ponders whether to allow visitors to use digital money in the upcoming Beijing Winter Olympics next year.