Bank of England requests academic input on CBDC

The Bank of England (BoE) and HM Treasury have put out a request for interest, inviting academic experts to participate in a newly established advisory group that will focus on central bank digital currencies (CBDCs). This CBDC Academic Advisory Group’s main role will be to provide guidance as these institutions enter the planning stage for a potential digital version of the pound. The group’s membership will encompass various fields such as economics, law, marketing, and computer science.

In a report released in February, the bank and treasury evaluated the necessity and potential design aspects of a digital pound. While no definitive decision was reached, they indicated that CBDCs are likely to become essential in the future.

The primary objective of this advisory group is to facilitate discussions and gather input on a range of topics related to a potential digital currency, including monetary policy, financial inclusivity, privacy, and technological capabilities. The aim is to approach the design phase with a well-informed and comprehensive perspective.

Given the decreasing use of physical cash, CBDCs, which are government-backed digital currencies, have garnered global interest. The bank intends for this advisory group to foster a variety of ideas and to question existing notions regarding CBDCs as they contemplate the development of a digital pound.

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