Has England intensified efforts to roll out its own CBDC?
- England has joined over 70 countries that are planning to develop and implement a CBDC.
- China is leading the rest of the world when it comes to the development of government-backed digital currency.
- BoE and the UK government has launched a dedicated task force for the development and implementation CBDC.
The Bank of England (BoE) is publishing a job opening, indicating there is a vacancy for a senior expert on central bank digital currencies (CBDC).
The job opening is a confirmation that the country is thinking about the design, feasibility, ad implementation of its CBDC.
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The country is joining more than 70 countries that are at various stages of the development of a CBDC.
England has always taken an observative approach towards digital assets. But as many governments are launching their government-backed digital currencies, others have seemed to follow and stay in line with the digital currency revolution.
CBDCs getting more popular
Global consultancy firm PricewaterhouseCoopers produced a report that shows retails CBDC projects are at a more advanced level, especially in Asia. China is leading the rest of the world when it comes to the development of the digital currency.
In April last year, China became the first country in the world to launch a testing phase of its digital currency. Right now, the country’s CBDC project is considered the most advanced in the world.
China’s neighboring country India also announced it has plans to implement its own CBDC recently. However, the Indian government is not in full support of cryptocurrencies and is considering banning private crypto in the country.
Brazil also announced its plans to implement its CBDC which will be available for mass circulation in 2022.
In Europe, the European Central Bank is mulling over a possible European CBDC, with its president Christine Lagarde, considering a rollout next year. Other countries are also showing an increased interest in the launch of a CBDC.
BoE and the UK government have already launched a dedicated task force for the CBDC unit as they prepare the development and implementation of the government-backed digital assets in the coming years.