CBDC Academic Advisory Group

This Academic Advisory Group is run jointly by HM Treasury and the Bank of England. Its aim is to provide expert advice during the design phase of the digital pound.

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.

Academic Advisory Group terms of reference 

  •  Member  Role Organisation
    Alexander Edmund Voorhoeve Professor of Philosophy London School of Economics
    Alistair Milne Professor of Financial Economics Loughborough University 
    Andrew Theo Levin Professor of Economics
    Dartmouth College 
    Anna Omarini
    Tenured Researcher and an Adjunct Professor in Financial Markets and Institutions
    Bocconi University
    Bill Buchanan
    Professor of Computing
    Edinburgh Napier University
    Burcu Yüksel Ripley
    Senior Lecturer of Law
    University of Aberdeen
    Danae Stanton Fraser
    Professor in Human Computer interaction, CREATE Lab
    University of Bath
    Darren Duxbury
    Professor of Finance
    Newcastle University
    David Robert Skeie
    Professor of Finance 
    Warwick Business School, University of Warwick 
    Davide Romelli
    Associate Professor in Economics
    Trinity College Dublin
    Dirk Niepelt
    Professor of Macroeconomics
    University of Bern & CEPR
    Doh-Shin Jeon
    Professor of Economics
    Toulouse School of Economics
    Gbenga Ibikunle
    Professor and Chair of Finance
    University of Edinburgh 
    Iwa Salami
    Reader (Associate Professor) in Law and Director, Centre of Fintech
    University of East London
    Jonathan Michie
    Pro-Vice-Chancellor and Professor of Innovation & Knowledge Exchange
    Kellogg College, University of Oxford
    Marta F. Arroyabe
    Reader & Deputy Head of Group University of Essex
    Michael Cusumano
    Deputy Dean and Professor of Management
    Sloan School of Management, MIT
    Pinar Ozcan
    Professor of Entrepreneurship and innovation
    Said Business School, University of Oxford
    Sheri Marina Markose
    Professor of Economics
    University of Essex
This page was last updated 12 February 2024