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Bank of England assembles 30 experts to design the digital pound

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The Bank of England (BoE) is assembling 30 experts to design a central bank digital currency (CBDC).

Designing the digital pound

According to reports on April 8, the CBDC, dubbed the “Britcoin” or the “digital sterling,” will be a digitized version of the British Pound, the region’s fiat currency. The central bank plans to hire a “digital pound solution architect” and a “digital pound security architect.”

The solution architect will, among other responsibilities, have to “understand and interpret strategic and policy drivers around CBDC” while also “providing technical guidance, direction, and collaborative leadership to our CBDC technology work.” Meanwhile, the security architect must be vastly experienced in designing and developing secure solutions and thoroughly grasp core foundational cryptography principles.

News of this development is a few weeks after the BoE said they planned to begin designing the CBDC with expectations that it will go out in circulation by 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 stated that the CBDC wouldn’t be a crypto asset. Instead, every digital sterling in circulation will be backed by the government.

A CBDC is necessary

Still, the HM Treasury and the Bank of England are at the exploratory stage and have not stated whether they will proceed with a CBDC. Even so, they have observed the recent trends and, in a statement, said they judge that developing a digital pound would be necessary. Issuing the CBDC, therefore, “is the anchor of confidence” of the United Kingdom’s monetary system.

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Author: Dalmas Ngetich

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