A job advertisement was posted by the Bank of England (BoE) for a senior expert related to central bank digital currencies (CBDCs). The role of this post is to help the bank in checking and implementing the design and feasibility of a central bank digital currency (CBDC).
This is the most recent job announcement by the Bank of England (BoE) following a series of similar job postings, all of which were related to the central bank digital currencies department. This shows that the Bank of England (BoE), along with the government of the United Kingdom is actively pursuing the possibility of a centralized digital currency.
As of now, more than 60 countries are actively experimenting and exploring the technology of central bank digital currency (CBDC). The aim of this pursuit is to create a digital version of the current fiat currencies of these countries, which would not be similar to other cryptocurrencies in a way that they would be backed by the central bank of these countries.
Central Bank Digital Currencies gaining attention
As stated in a recent report by PricewaterhouseCoopers, a global consultancy firm, the retail central bank digital currency (CBDC) programs have reached their advanced stages in many emerging economies of the world, especially in Asia. The People’s Bank of China (PBOC) had become the first large bank on April, 20, to launch its experiments regarding digital currencies and it is also believed to be the most advanced and developed central bank digital currency (CBDC) project till now.
India is a country that initially banned all private cryptocurrencies. It is now in the process of introducing its own central bank digital currency (CBDC). Brazil’s government has also announced the introduction of a central bank digital currency (CBDC) for the mass public by 2022. European Union might also be releasing its digital currencies by 2022.
A specialized taskforce
The United Kingdom and the Bank of England (BoE) had introduced a new specialized task force and a dedicated central bank digital currency (CBDC) unit earlier this month, in order to analyze the risks, benefits, and practicality of a central bank digital currency (CBDC). The main aim of the Bank of England is to minimize the risks of a digital currency and launch it for mass adoption.