Britain’s HM Treasury has called for applicants to join an initiative involving a central bank digital currency (CBDC) to launch a national cryptocurrency.
The Treasury posted a job on Linkedin for a team of candidates to operate its Payments and Fintech Team. The position would lead a team of 20 people to explore a “potential digital pound,” the advert said.
The job posting added the head of the team would guide the strategic direction of the Government’s plans for a digital pound. This comes as Whitehall aims to position the UK as a major global fintech hub.
HM Treasury explained further,
“Digital innovation is changing the landscape for payments and money. The use of physical money is declining while new forms of private sector digital money are emerging. These changes offer exciting opportunities for UK businesses and consumers, but also present new challenges and risks. This has motivated countries around the world to explore digital versions of central bank money.”
It added that the Bank of England, the UK’s central banking institution, “issues only physical bank notes.” Both business and individual households could use the BoE cryptocurrency.
Both the Treasury and the BoE were working jointly via a CBDC Taskforce to “explore the case for a digital pound.” Successful candidates for the position would work directly with the BoE for consultations.
National Crypto Adoptions Increase
According to the BoE, it is considering a national CBDC to allow entities to expand their payment method choices. The organisation needed to “keep up with the changing times” by assessing the benefits of such a monetary system.
It noted: “More and more, people are choosing to pay electronically rather than use notes and coins.”
The news comes as multiple countries adopt or mull using national cryptocurrencies, including China, El Salvador, Venezuela, the European Union, Fiji, Tonga, and many others.
Prime Minister Rishi Sunak launched the campaign for a CBDC last year while serving as the former Chancellor of the Exchequers.
