Finance & Economics

Bank of England Builds Its CBDC Team

The media reported that the central bank of England has begun to recruit a team of employees who will deal with the digital currency of this financial institution.

Bank of England Builds Its CBDC Team

Source: motionarray.com

The Bank of England (BOE) intends to form a team of 30 people to work on the virtual currency. The media reports that these employees will oversee the implementation of the project to create the central bank digital currency (CBDC).

Ian Taylor, the advisor to the CryptoUK trade association, says that a team of 30 people is a resource sufficient to fully focus on the creation and promotion of a new generation of currency. He also noted that these actions of the financial institution are evidence of the seriousness of its intentions regarding the CBDC.

In the last week of March, publications appeared on the bank’s website about open vacancies for the architect of digital pound solutions and the architect of digital currency security.

The Bank of England and the UK Treasury are currently exploring the possibility of introducing an official digital currency by 2030. The money in the new format will be issued by the central bank. The Treasury, for its part, will provide the assistance necessary to promote digital currency.

In a joint advisory statement, these organizations noted that they estimate the probability of the need for a digital pound in the future as high. Also, this statement says that at the moment it is too early to make a final decision on the introduction of virtual currency.

Currently, in the field of economics and finance, digital currency and the prospects for its use are one of the most discussed topics. Supporters of the idea of introducing a new generation of currency call its main advantage programmability. But so far, the difference between programmable payments and programmable money is not completely clear.

The European Central Bank (ECB) is currently considering digital currency without much optimism and enthusiasm. The regulator demanded to limit the volume of transactions using CBDC.

Martin Hargreaves, director of products at Quant, says that restrictions on the possibility of using money affect their actual value since the consumer cannot use his financial resource for a number of purposes. He also said that the UK, like other countries, can use digital currencies to limit the influence of large technology companies, large card networks, acquirers, and payment networks on consumer transactions.

As we have reported earlier, Bank of England urges crypto regulation.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.