Journalists reveal Bank of England forming a team to launch a CBDC

The Bank of England plans to form a team of 30 specialists to develop the digital pound. This is reported by The Sunday Times.

Specifically, the regulator intends to recruit security architects and developers to build on top of CBDC, according to веб-сайту ЦБ.

“30 people — a significant resource and […] demonstrates how seriously the Bank of England is taking the [digital pound] project,” — said CryptoUK adviser Ian Taylor.

In April 2021, the Bank of England and the Treasury created a joint working group to study CBDC. The Lords’ Economic Affairs Committee also joined the process.

However, later the regulator’s chair Andrew Bailey doubted the need for creating a digital pound.

In February 2023, Britain’s Chancellor of the Exchequer Jeremy Hunt stated that the launch of a CBDC could be possible in this decade, but not before 2025.

As reported, the head of the Bank of England’s digital division, Cathy Fortune acknowledged the existence of an ecosystem of money in various forms, including national digital currencies and stablecoins.