Report: The Bank of England's Top 30 team for digital currencies
by . alicia April 10, 2023
In February, the U.K.'s central bank and finance ministry said they were starting further research and development on a digital version of the pound sterling, and invited the public to weigh in on the plans. While the project has been dubbed Britcoin in the press, the bank is less keen on the moniker, saying no decision has been made on whether a digital pound would use distributed ledger technology.
The bank's website careers page lists positions for a Digital Pound Security Architect and Digital Pound Solutions Architect, both added toward the end of last month. Both pay as much as 80,000 British pounds ($99,000) in salary. The Treasury advertised for a Head of Central Bank Digital Currency in January.
"A team of 30 seems like quite a significant resource to focus on the digital pound," said Ian Taylor, a board adviser for trade association CryptoUK, according to the newspaper. "It shows the impact it would have, and that the Bank are serious about it."
Ethereum’s Shanghai upgrade, which allowed withdrawals from its proof-of-stake network starting in April, unleashed fresh demand to stake the second largest cryptocurrency. Staking lets crypto owners lock up tokens to participate in securing the network as a validator in exchange for a reward, making it a popular investment among long-term investors including institutional investors.
Some of the filing continues to reiterate Coinbase's already-live public statements, arguing that current SEC Chair Gary Gensler changed his position on the regulator's authority over crypto between taking office in April 2021 and mid-2022; saying the company has asked for regulation; and noting that Congress has started looking at the issue of crypto regulation.
Furthermore, it introduces the prospect of mandatory reimbursement for victims of Authorised Push Payment (APP) scams. APP scams have been a prevalent issue in the UK, with the bill targeting tighter controls on those who approve financial promotions for others, thereby bringing more accountability to the financial ecosystem.