Bank of England Establishes CBDC Academic Advisory Group

Bank of England Establishes Digital Pound Advisory Group

The Bank of England (BoE) has created an advisory group called the CBDC Academic Advisory Group (AAG) to assist in the design phase of the digital pound. The AAG will collaborate with HM Treasury and is seeking academics and researchers to join the group. The aim of the AAG is to gather specialists from various fields related to the Bank’s efforts in developing the digital pound, such as finance, law, and marketing. The BoE emphasizes the importance of academic expertise and interdisciplinary discussions in the design process.

Key Points:

The Bank of England establishes the CBDC Academic Advisory Group (AAG) for the digital pound design phase.
The AAG will collaborate with HM Treasury and seeks academics and researchers to join.
The AAG aims to gather specialists from diverse fields relevant to the digital pound.
The group will facilitate interdisciplinary discussions and exchange of knowledge.
The AAG will explore unconventional ideas and challenge existing paradigms regarding the digital pound.

Public Consultation on the Digital Pound Initiative

In February, the UK government launched a public consultation to gather feedback on the potential introduction of a digital pound. The Bank of England and HM Treasury aim to collaborate with the private sector to experiment with proofs of concepts. The initial phase of the consultation concluded in June, and the Bank of England will now enter a two-year period of experiments and refinement of the digital pound’s design. Insights from the AAG will play a crucial role in this process.

Hot Take:

The establishment of the CBDC Academic Advisory Group shows the Bank of England’s commitment to gathering expertise and fostering interdisciplinary discussions for the design of the digital pound. By engaging academics and researchers, the Bank aims to explore new ideas and challenge conventional thinking. This approach ensures a comprehensive assessment of the benefits and drawbacks of the digital pound, leading to a well-informed and robust implementation. The collaboration with HM Treasury and the public consultation further demonstrate the Bank’s dedication to transparency and inclusivity in shaping the future of digital currency in the UK.