The Bank of England (BoE) has now inched further in its efforts to roll out a Central Bank Digital Currency (CBDC). According to the news outlet Sunday Times, BoE is working on adding up to 30 staff to its workforce to accelerate the development of its much-anticipated digital pound.
Among the available job openings is a digital pound solution architect, whose work involves researching the benefits of several design structures for digital currency. The BoE is also searching for a security architect to help ensure the digital currency is safe for end users and resilient against any possible security breaches. The payroll for both roles is tagged £80,000. BoE’s career page features both job openings. The platform also requires engineers who will oversee the project.
Ian Taylor, a board adviser for the trade association CryptoUK, hinted at his support for BoE’s move to employ 30 individuals when he said:
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.
It is not the first time there will be a need for an employee for digital currency development. In January, His Majesty’s (HM) Treasury announced via a LinkedIn post a job opening for the role of head to lead a CBDC-focused group.
Recall that BoE’s deputy governor Jon Cunliffe declared in a Treasury Committee hearing that the bank lacks the technical expertise to develop the digital pound. He added that the financial institution would work towards getting the needed skills to bring the idea to fruition. It will aid the development of a prototype of the CBDC before it gets dispensed for public use.
UK’s Quest to Develop a Digital Pound
The UK government’s quest to launch a digital pound is part of its broad effort to become a crypto hub. Other financial officials like Jon Cunliffe have since supported the idea. Cunliffe stated that the digital pound would aid fast payments in the region, like crypto-focused settlement platforms.
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