The CBDC Academic Advisory Group (AAG) will bring together experts from a range of disciplines related to our work on the digital pound. The group will include academics from a range of disciplines including monetary policy, finance, competition economics, industrial organisation, behavioural science, law, innovation theory, marketing, and business.
In February 2023, the Bank of England and HM Treasury jointly issued a consultation paper setting out an assessment of the motivations and design choices for a potential digital pound. While no decision has been made, that paper signalled that the digital pound is likely to be needed in the future, so our work will now move onto a 'design phase'.
The objective of the design phase is to:
- develop a comprehensive and conceptual architecture
- carry out experimentation and proofs of concept, in collaboration with private sector innovators
- inform the development of our potential architecture and to build understanding of digital currency technology
An effective design phase will ensure that the development of a digital pound can be accelerated if a decision is taken to build it.
This group aims to encourage academic research and debate that is relevant to input and promote interdisciplinary discussions on a range of topics related to retail CBDC, and of relevance to our work during the design phase. We believe this is crucial to the progress of this phase of work.
The AAG will serve as a platform for knowledge exchange and research collaboration. As a multidisciplinary group, it will provide a wide-ranging and nuanced view on the key questions on CBDCs.
The AAG will encourage diverse ideas, open debate and perspectives that challenge prevailing wisdom in relation to the digital pound.