UK Treasury is on the hunt for a head of central bank digital currency

The government seems to be strengthening its interest in alternatives to fiat as it searches for a “Head of Central Bank Digital Currency (CBDC)”.

According to a government job posting, the successful candidate will be responsible for leading the Treasury’s work on a “potential digital pound”, something the Bank of England firmly differentiates from crypto or a potential “Britcoin” on its website.

Taking the lead on all things digital currencies, the new head will join the payments and fintech team of around 20 people that is responsible for government policy aiming to put the UK payments sector “at the forefront of technology and innovation”.

It also is meant to ensure that UK financial services are able to take advantage of fintech and crypotasset developments.

“Digital innovation is changing the landscape for payments and money. The use of physical money is declining while new forms of private-sector digital money are emerging,” it says on the Treasury job listing.

“These changes offer exciting opportunities for UK businesses and consumers, but also present new challenges and risks. This has motivated countries around the world to explore digital versions of central bank money.”

According to the post, through the CBDC taskforce, the Treasury and the Bank of England are working together to “explore the case for a digital pound”.

The new head will be “responsible for setting strategic direction within Treasury” to deliver on that plan.

There is scepticism that more senior players will be put off by the Civil Service salary – the highest advertised is £66,500 – and that this will end up as no more than a temporary role.

But perhaps money will be no object, because according to the job post, “if you’re interested in making a difference to people’s lives across the country, the Treasury is the department for you!”

The UK, along with countries around the world, is still considering whether or not to issue a CBDC, and is currently only looking at the possibility of one.