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The UK government is recruiting an individual to lead its growing team focused on the central bank’s digital currency.

The Treasury has posted a LinkedIn search for a head of central bank digital currency (CBDC), where the successful candidate will be expected to manage multiple teams, including financial services, financial stability, economics and spending teams.

According to the job listing, candidates will need “experience working in financial services or developing public policy in a technical or highly regulated field.”

The role comes at a time when the UK government is considering introducing a digital pound.

“Today, the Bank of England only issues physical notes. The digital pound will be a new form of digital money issued directly by the Bank of England to households and businesses,” the job statement said.

The Treasury and the Bank of England are currently examining the case for the digital pound through the CBDC Task Force.

“Digital innovation is changing the landscape of 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 prompted countries around the world to explore digital versions of central bank money,” the list added.

The successful candidate, who will receive a salary of up to £66,500, will work closely with the Treasury, Bank of England, Cabinet Office, No 10 and wider government, as well as financial services regulators.

Central banks around the world are being forced to come up with policies on the use of digital currencies as consumers move away from cash as their primary payment method. The pandemic accelerated the transition to digital payments, which do not require as much physical contact and therefore reduce the potential transmission of Covid-19.

Banks need to create regulations to address a number of issues so that society can benefit from new ways of making payments. A Bank of England discussion paper published in June 2021 said that before new forms of digital money could be widely used, “there are issues of money security and macroeconomic stability that need to be addressed”.

At the time of publishing its discussion paper, the UK central bank was calling for feedback on the use of cryptocurrency, including its potential investment.

Bank of England Governor Andrew Bailey said at the time [Bank of England] has not yet decided on its detailed regulatory approach to stablecoins or the introduction of CBDC in the UK. These issues should be discussed in consultation with the government.”

The Bank of England said the discussion paper was based on the premise that new forms of digital money could benefit society as a whole. “They can improve the way people interact with each other. And they can enable further innovation,” he added.

“Before society can realize the potential benefits of new forms of digital money, it is important to understand the views of a wide range of stakeholders.”


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