The Bank of England, the UK’s national bank, is recruiting seven specialists to enter a dedicated team looking at the growth and deployment of central bank digital currencies (CBDC) in the country.
The announcements come as the central bank continues to claim that there is no clear direction for CBDC usage and adoption.
The announcement comes only days after the national bank and HM Treasury decided to establish a joint working team to determine the feasibility of implementing a digital pound, a CBDC that crypto supporters have already dubbed “Britcoin.”
The Bank of England’s website lists the open positions. The bank is looking for eligible candidates to occupy four analyst slots, two architect roles, and a senior manager role associated with CBDCs. On Tuesday and Wednesday, the site was updated with all of the available positions. According to the page under the job ad for a stakeholder analyst,
“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.”
When the working group is established, it will be able to conduct research into the threats of monetary policy and financial stability and the benefits of CBDC. The group will also get to know the use applications, collaborations with numerous national banks and international financial institutions, and public policy matters. The group will also examine the CBDC’s design and functionality, considering customer and merchant consumption as well as technological design choices.
CBDCs are being studied and the carried out in a number of nations worldwide. The Bahamas launched its digital Sand Dollar in October of the previous year, and the nation’s central bank released Dcash, a digital currency. Russia, Japan, and Canada are some countries among the others.
China may be the most noteworthy of the massive economies to investigate the CBDC definition, having completed many trials with its virtual yuan up to this point. The Chinese central bank is debating whether or not to encourage travelers to use the digital currency at next year’s Beijing Winter Olympics.