Bank of England requests academic input on CBDC

The Bank of England (BoE) and HM Treasury issued a call for interest, seeking academic experts to join a new advisory group focused on central bank digital currencies (CBDCs).

The CBDC Academic Advisory Group will provide guidance as the institutions move into the design phase for a potential “digital pound.” Members will come from disciplines like economics, law, marketing and computer science.

In February, the bank and treasury released a report assessing the need for and potential design of a digital pound. While no final decision was announced, they signaled CBDCs will likely be necessary in the future.

The advisory group will promote discussion and input on topics like monetary policy, financial inclusion, privacy and tech capabilities related to a possible digital currency. The aim is to take an informed, comprehensive approach in the design phase.

CBDCs, or government-backed digital money, have been explored globally amid declining cash use. The bank says the advisory group will encourage diverse ideas and “challenge prevailing wisdom” around CBDCs as it weighs developing a digital pound.