The Bank of England (BoE) plans to form a team of 30 specialists to develop the digital pound, The Sunday Times has reported.
In particular, the regulator intends to attract security architects and develop solutions in addition to a CBDC, according to the central bank's website.
Ian Taylor, an advisor at CryptoUK, has written:
"A team of 30 seems like quite a significant resource to focus on the digital pound. […] It shows the impact it would have, and that the Bank are serious about it."
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In April 2021, the central bank and the Treasury set up a joint working group to study a CBDC. The House of Lords Economic Affairs Committee has also joined the process.
However, the regulator's chairman, Andrew Bailey, has later questioned the need for a digital pound.
In February 2023, UK Treasury Secretary Jeremy Hunt stated a CBDC could be launched in this decade, but not before 2025.