The Bank of England has entered the burgeoning Central Bank Digital Currency (CBDC) trend, as have many other countries.
This time, the Bank of England published an application to recruit a team dedicated to CBDC research.
The job posting comes only a week after the Bank of England and HM Treasury announced the formation of a joint task force to investigate the feasibility of launching a digital pound. The digital pounds have been dubbed Bricoin by speculators.
The Bank of England is hiring CBDC experts for four analyst positions, two architect positions, and one senior management role.
Employees at the central bank who are interested in fintech have highlighted the team’s work listings on LinkedIn in the last day.
After being hired, the new team will assess monetary policy and financial stability risks and opportunities, as well as use cases, cooperation with other central banks, public policy concerns, design and function requirements, with customer and merchant use in mind, and technology design decisions.
Other countries and their CBDC projects outside of the Bank of England
As the Central Bank of The Bahamas introduced its digital Sand Dollar, the CBDC has remained a hot topic in other countries.
The Eastern Caribbean Central Bank unveiled DCash, a digital currency, in March.
The ECCB’s DCash is noteworthy because it is the first example of what can be described as a regional CBDC (A currency union). A currency union is an arrangement between two or more countries to hold their currencies the same or have identical exchange rates.
China, on the other hand, is ahead of the pack of major economies, having undertaken extensive testing of its digital yuan.