England’s Recent Action Confirms it is Serious about CDBC Adoption 0 279

Even today, the central bank of United Kingdom does not give a clear answer in terms of CDBC adoption. Several media sources and reporting firms have tried getting in touch with the Bank of England to get an answer. Unfortunately, none has succeeded in getting a clear and firm answer from the regulator.

When it comes to CDBC adoption, the United Kingdom has remained at a back foot or this is something it has led others to believe. On several occasions, the Bank of England has expressed its concerns over central bank digital currency (CBDC).

The regulator has stated that it is unsure about the adoption of the CBDC technology. It is not sure whether it wants to proceed with it or not. However, the recent move made by the Bank of England is now telling a different story.

The Bank of England has recently posted that it is looking for a few candidates who will be working in the CBDC space. For now, the sources have confirmed that the Bank of England is looking for at least seven candidates. The number may increase with the expansion of the CBDC project if Ban of England aims to proceed with it.

The Sources have collected this information from the website that Bank of England uses to post jobs in its facility. The firm has revealed it is looking for at least seven employees who will be working full-time on the CBDC sector.

One of the job postings posted by the Bank of England on its job posting site is for the “Stakeholder Analyst”. The job description reads that the candidate must have experiencing in the crypto-blokchain sector. Most importantly, the candidate must have at least a year of experience in the central bank digital currency (CBDC) sector.

The other candidates it is looking for are for sectors such as senior enterprise architect, a senior manager, a technology analyst, a solution architecture, and a project analyst.

All job titles and descriptions for the candidates in the central bank digital currency (CBDC) sector. Lastly, the Bank of England has also posted an opening for a policy analyst for the central bank digital currency (CBDC).

The sources have confirmed that the job postings appeared on Bank of England’s job posting site on Wednesday, and Thursday.

This means that the Bank of England has finally concluded moving ahead with its plans of CBDC adoption. With this move, the central bank of United Kingdom has brought itself one-step closer to adopting the CBDC.

Once hired, the responsibilities of the individuals working on each job description will be responsible for answering to the designated superiors. There are possibilities that the Bank of England may make a promising announcement for the citizens of the United Kingdom.

Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

IMF Says Russia and Iran May Use Crypto Mining for Monetizing Energy 0 42

The April 2022Global Financial Stability Report of the IMF has highlighted the consequences of the ongoing Russian invasion of Ukraine. The document said that the role of the US dollar was bound to be affected because of the conflict, as it would lead to the introduction of central bank digital currencies (CBDCs) and the global financial system’s resiliency would also be put to a test. The climate transition goals could also be put at risk because of the priorities associated with energy security. Another issue that would have to be dealt with in the coming years by lawmakers is the ‘cryptoization’ which is likely to occur because emerging markets are experiencing a widespread use of crypto.

IMF cited an increase in crypto trading volumes seen after the introduction of sanctions on Russia to back their statement. This included the financial penalties that had been imposed by Western nations on Russia because of its military invasion. The report said that such cross-border transactions were increasing in the long-term, which means that there would be challenges when it comes to imposing sanctions and managing capital flow. The IMF noted that crypto transactions have increased in both Russia and Ukraine because of the capital restrictions that have been imposed.

However, it is important to note that there has been a fall in liquidity in centralized exchanges where the hryvnia and ruble trading pairs are concerned. Therefore, using crypto exchanges for making large transfers has become rather impractical due to reduced liquidity. But, the IMF admitted that users do have the option of evading some measures via the crypto ecosystem because the identity verification requirements are quite lax in this industry. Hence, the international organization said that blocking new deposits of ruble and freezing crypto assets meant that users could have shifted to non-complying or less transparent crypto platforms and service providers.

Experts at IMF believe that both Russia and Iran could circumvent their respective sanctions via crypto mining. The nations could use their energy resources for generating revenue via crypto mining outside of the traditional financial system. Currently, the countries have a limited share of crypto mining activities, but there is a possibility that it could be increased, considering the size of the mining industry. The IMF quoted estimates showing that almost 11% of the mining revenues of bitcoin could have gone to Russia, which was around $1.4 billion per month, while Iran’s share had been 3%.

Bank of England Says Crypto Assets have Financial Stability Risks 0 81

On Thursday, the Financial Policy Committee of the Bank of England disclosed that they are working on developing a regulatory framework for digital assets. The central bank also made a reference to the sanctions that have been imposed because of the war between Russia and Ukraine in the statements. Bureaucrats and financial regulatory authorities all over the world have become increasingly concerned in recent times that Russia could take advantage of crypto assets to bypass the economic sanctions that have been imposed. The press statement of the BOE said that it was unlikely for crypto assets to provide Russia with a feasible way to get around sanctions at a large scale for now, but there was a possibility they could do so.

Therefore, it is a must to ensure that there are effective public policy frameworksthat can accompany innovation in crypto assets for maintaining the integrity and trust in the financial system. The crypto economy has been highly criticized by some members of the Bank of England for quite a while. Last year in mid-November, Andrew Bailey, the Governor of the Bank of England, had expressed his concerns about the adoption of bitcoin as legal tender in El Salvador. Sir Jon Cunliffe, the deputy governor for financial stability for the central bank, said in the following month that prices of crypto assets could drop to zero.

On Thursday, the report of the FPC talked about financial stability. The committee of the central bank noted that the FPC is assessing the risks to the financial system’s stability and it has concluded that these are currently limited. This is because their size remains limited for now and they are not that connected with the wider financial system. However, the FPC said that if they continue to grow at the same pace, and if they become interconnected with the overall financial system, then these crypto assets could pose a risk to the stability of the financial system.

Since the conflict between Russia and Ukraine began, politicians and lawmakers all over the globe have been discussing, developing, or even proposing laws aimed at regulating and researching digital currencies. The FPC’s statements on Thursday show that the BOE wants to classify crypto assets in the same category as it does traditional financial assets. Not only does the FPC plan on developing a regulatory framework that would govern digital assets, it has also mentioned stablecoins.

The FPC said that a major stablecoin that does not have a reliable deposit guarantee could turn out to be a risk to the UK’s financial system. According to the committee, if they introduce a systemic stablecoin, which is backed through a deposit mad with a commercial bank, it would result in significant risks to the stability of the financial system. All of this talk about crypto has been brought forward because of the Russian-Ukraine conflict and the possibility of the former using cryptocurrencies to evade the tough economic sanctions that have been imposed by Western nations due to its actions.

Editor Picks

Ready To Invest in Bitcoin? - Top 4 Bitcoin Trading Brokers‎ Read More
Skip to content