Bank of England beefs up plans for digital ‘Britcoin’ currency

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Britcoin, championed by Rishi Sunak when he was chancellor, could cut the middleman out of electronic payments

KIN CHEUNG/GETTY IMAGES

Saturday April 08 2023, 6.00pm, The Sunday Times

The Bank of England is ramping up plans for a “Britcoin” digital currency by hiring a workforce of up to 30 people to develop the project.

The Bank announced in February that a scheme for a new “digital pound” would enter the design phase, with the currency expected to be in circulation by the end of the decade.

It is now seeking engineers to lead the project, including a “digital pound solution architect” to research the benefits of different designs, and a “security architect” who will help to make sure that any new currency is secure and resilient against potential cyber or privacy threats. Both roles will pay up to £80,000.

Britcoin, championed by Rishi Sunak when he was chancellor, will not