The bank recently published a number of vacancies for positions relating to CBDC. The bank needs a technical and project analyst, a senior manager and at least five more specialists to work in the new division
The task of the new department will include the study of currency regulation, the principle of its introduction into the banking system, the use as a digital version of sterling. This is an ambitious and important task, so we need the best specialists.
The decision to actively study this issue was announced by the authorities at the recent British Fintech Week. According to the head of the country's Finance Ministry, Rishi Sunak, the UK needs a more open, efficient and environmentally friendly financial services sector.
The Bank of England, as a financial regulator, has a duty to take care of the stability of the economy and the financial sector. CBDC can be a catalyst for many changes in traditional finance. Therefore, it is understandable the desire of the bank to thoroughly study this issue.
The regulator is following the path of its foreign colleagues. Many countries have digital asset development units. This trend has emerged in 2020 and has led to some countries successfully testing the CBDC, while others are just one step away.
The Bank of England is still looking into the matter. According to official information, there is no data that the UK is going to launch a national cryptocurrency. However, time is flowing, the world is changing, and such an important topic as the national digital currency cannot simply be ignored.