The UK government’s finance ministry, known as Her Majesty’s Treasury, is in the process of hiring a central bank digital currency (CBDC) chief to oversee the creation of a digital version of the pound.

It has been said that the task is “important, difficult and cross-cutting” and that it “would require considerable collaboration within and outside of SM Treasury”.

The argument for a digital pound is being investigated, as stated in the LinkedIn post, by the CBDC Taskforce, which is a collaboration between the Bank of England and the UK Treasury.

The role of CBDC chief is likely to bring the UK government one step closer to achieving its goal of implementing a CBDC.

A CBDC, often referred to as a digital pound, is not far off from this.

Many nations around the world are looking into this and trying to understand the advantages of this system compared to the one that exists now; it is reasonable to assume that this will eventually happen.”

In fact, the move towards a digital pound is consistent with the trend of central banks around the world to investigate the possibilities presented by CBDCs.

The European Central Bank (ECB) has been extensively investigating the possibility of a digital version of the euro, and many countries, such as Sweden and Denmark, are also investigating the possibility of developing their own national digital currencies.

CBDCs claim that they can provide a variety of advantages, such as greater financial inclusion, lower costs for businesses and customers, greater security and efficiency in the payment system, etc.

Tony Yates, who in the past served as a senior adviser at the Bank of England, has been vocal in his opposition to CBDCs.

We are concerned that there may be political pressure in the process that ignores or significantly downplays the risks that a CBDC poses to society. Echoing Dewar’s thoughts, he questioned the motivations behind global CBDC rollouts, calling them “suspicious.” In general, he worries us that there could be political pressure that is brought to the process ”.

The “digital” nature of money is another component that is in question.

The UK is becoming an increasingly digital and cashless society: according to the Bank of England, less than 15% of payments are made with physical cash, and up to 23 million people, which is almost a third of the population in the UK. United Kingdom, did not use cash at all in the year 2021.

When Scott asks the Treasury about a digital pound, Scott says, “Don’t we already have one?”

Therefore, as soon as they have completed their exploratory phases, I would love to see a list of the advantages and new features that a CBDC will bring to the general population.”

Scott will “continue to focus on Bitcoin and establish a global interoperable system that everyone can participate in” in the meantime.

Dewar suggested that there is still an opportunity for Bitcoin and the UK government saying: “The role description notes that the rise of private sector money such as Bitcoin offers exciting opportunities for UK businesses and consumers, and we would like it a lot”. very much agree with that at Bridge2Bitcoin.” There is still an opportunity for Bitcoin and the UK government.

Although there is currently no formal timetable, it is intended to make the Bank of England CBDC accessible to UK citizens.