Bank of England Building Its CBDC Team

  • The Bank of England (BOE) is looking to create a team of 30 people to head its creation of a digital pound, nicknamed “Britcoin”. 

At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified.” 

  • Some are concerned that restrictions on what the currency can and will be used for could damage its value.
  • Chief Product Office at Quant says: “When you start to place restrictions on money, you affect its value. So, if I’ve got £100 but I can only spend it on rent or groceries, that’s not worth the same to me as £100 that I can spend on anything.” 

Continue reading here.