The Bank of England (BoE) is bringing together 30 experts to design a central bank digital currency (CBDC).
Designing the digital pound
According reports On April 8, the CBDC, dubbed “Britcoin” or “digital pound sterling,” will be a digitized version of sterling, the region’s fiat currency. The central bank plans to hire a “Digital Libra Solutions Architect” and a “Digital Libra Security Architect.”
He Architect of solutions will, among other responsibilities, “understand and interpret strategic and policy drivers around CBDC” while also “providing technical guidance, direction, and collaborative leadership for our CBDC technology work.” Meanwhile, the security architect You must have extensive experience in the design and development of secure solutions and a thorough understanding of the fundamental principles of cryptography.
News of this development comes a few weeks after the BoE said it planned to start designing the CBDC with the expectation that it will enter circulation in 2030. Like the physical pound, the digital pound will be issued by the central bank. It can be spent like any other fiat currency. They claimed that the CBDC would not be a crypto asset. Instead, every digital pound sterling in circulation will be backed by the government.
You need a CBDC
Still, HM Treasury and the Bank of England are in the exploratory stage and have not stated whether they will proceed with a CBDC. Even so, they have observed recent trends and, in a statement, said that they judge that it would be necessary to develop a digital pound. Issuing the CBDC, therefore, “is the confidence anchor” of the UK monetary system.
TO consultation and tech working papers on the development of the coin have been published. With these documents, the central bank indicates that it is ready for the design phase, explaining why they are building a strong workforce, a CBDC Unit.
According to the job application page, the CBDC Unit will be primarily in charge of designing the architecture of the coin. However, they will also be responsible for identifying the opportunities and challenges presented by central bank digital currencies. The team will look at macroeconomic factors, design angles, and more as they build the building blocks for Britcoin.
