Reports say that the Bank of England has been putting together a team of experts to work on the development of its Central Bank Digital Currency (CBDC). This shows that the Bank of England is becoming more aware of how digital currencies could completely change the world of finance.
The digital currency, which is also being referred to as “digital sterling” or “digital pound” and nicknamed “Britcoin,” would be produced by the Bank of England and supported by the government.
The currency has been referred to as Britcoin by the media, however, the bank is not fond of the label and has not made a decision over whether or not a digital pound will utilize distributed ledger technology.
The CBDC initiative of the Bank of England also looks to investigate the advantages and disadvantages of digital currencies, including their effects on monetary policy, financial stability, and consumer protection. This may help the bank to assess CBDC’s technical viability, taking into account concerns about cybersecurity, privacy, and compatibility with current payment systems.
However, the Bank of England is aware of the possible dangers and difficulties involved with CBDCs, such as the requirement to take precautions against fraud, money laundering, and cyberattacks.
The bank listed two positions at the end of last month: a digital pound solution architect to investigate the feasibility of various designs and a security architect to help guarantee that the new currency is secure and impervious to cyber and privacy threats. Both with a salary of 80,000 pounds
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