Bank Of England Hires Staff To Advance The Rollout Of “Britcoin” CBDC

The Bank of England revealed to the Sunday Times that they are looking for 30 people to develop their CBDC, but did not disclose why only 30 or so.

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.

Ian Taylor, a board adviser for trade association CryptoUK, said according to the paper.

CoinDesk adds: ‘In February, the U.K.’s central bank and finance ministry said they were starting further research and development on a digital version of the pound sterling, and invited the public to weigh in on the plans. While the project has been dubbed “Britcoin” in the press, the bank is less keen on the moniker, saying no decision has been made on whether a digital pound would use distributed ledger technology.’

The BoE asserts on their website, however, that the intro to Britcoin is not meant to replace physical tender.

The BoE says on their website:

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The digital pound would be a new type of money issued by the Bank of England for everyone to use for day-to-day spending. You would be able to use it in-store or online to make payments. 

This type of money is known as a central bank digital currency (CBDC). You may also hear it being called ‘digital sterling’ or even ‘Britcoin’. We call the UK version of CBDC the digital pound.

The digital pound would be denominated in sterling and its value would be stable, just like banknotes. £10 in digital pounds would always have the same value as a £10 banknote.

If we introduced it, it would not replace cash. We know being able to use cash is important for many people. That’s why we will continue to issue it for as long as people want to keep using it.

The digital pound would not be a cryptocurrency or cryptoasset. As opposed to cryptocurrencies, which are issued privately, the digital pound would be issued by the Bank of England and be backed by the Government.

We have published a Consultation Paper, which explores the need for the digital pound and proposes a set of design choices for it.

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AUTHOR COMMENTARY

“If we introduced it, it would not replace cash.” -Oh please, give me a break. We all KNOW that they do want to replace cash the second that they can fully install this system and force it on the masses.

Queen Elizabeth’s death last year was more impactful than people realize because due to the Commonwealth monetary standards, all the bills and coins must be changed to have King Charles’ ugly mug on them instead. But since the world is moving away from paper transactions (by their own admission, as do other central banks), this could be the prime opportunity for these world governments to scrap physical tender, or print very little of it in a bid to force to accept the digital currencies.

Already the BoE has said that they will no longer accept certain £20 and £50 paper banknotes as legal tender, as of last year since the Queen’s death. The new banknotes with Charles inscription on them are reportedly supposed to enter circulation by sometime in 2024.

SEE: Bank Of England Will No Longer Accept 20 And 50 Pound Paper Banknotes

UK Releases Early Images Of New Tender With King Charles Face On Them. Will They Ever See The Light Of Day, Or Will A CBDC Take Their Place?

In the end, we all know where it’s going:

[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.

Revelation 13:16-18

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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