The UK government’s financial and economic ministry, HM Treasury, has posted a head of central bank digital currencies (CBDC), who will lead the development of a new digital pound. This is a significant step towards achieving the UK government’s goal for a CBDC. This role is described as “important and complex and cross-cutting”, and will require extensive engagement from HM Treasury and other departments.
Through the CBDC Taskforce, both the Treasury and Bank of England are working together to investigate the case for a digital currency. As the Head of CBDC, the head of development and implementation will be key to this effort.
This position is being recruited at a very interesting time in the world of digital currency. Bitcoin, the most valuable cryptocurrency in terms of market capitalization, recently experienced a correction wave. Some speculate that Bitcoin may now be heading for another leg up to hit $25,000.
The UK government’s interest to create a digital currency is consistent with a global trend for central banks to study the potential benefits of CBDCs. These digital currencies can improve financial inclusion, lower transaction costs, and increase efficiency of the monetary systems.
The recruitment of a Head for CBDC by HM Treasury represents a major step towards the UK’s goal to roll out a digital pound. The role of the Head of CBDC is crucial in the development and implementation the digital pound. This move aligns with the growing trend of central banks around the globe to investigate the potential benefits of CBDCs.