Date: February 2023
The Bank of England and HM Treasury have issued an open invitation to academics and researchers to participate in the newly established CBDC Academic Advisory Group (AGG). The objective is to develop a thorough and conceptual framework for the digital pound.
The central bank is actively seeking to establish a multidisciplinary team comprising experts in various fields such as monetary policy, finance, competition economics, industrial organization, behavioral science, law, innovation theory, marketing, and business.
This initiative, known as the CBDC Academic Advisory Group (AGG), not only aims to contribute to the development of the foundational architecture for the proposed CBDC but also intends to collaborate with private sector innovators for proof of concepts and additional experiments. The Bank of England’s call emphasizes the importance of generating expert academic insights and fostering interdisciplinary discussions on topics related to retail CBDC during the design phase. The AGG’s formation follows a consultation in February, led by the CBDC Taskforce, indicating the potential necessity and benefits of a digital pound.
While a definitive decision on the implementation of a digital pound is pending, the formation of the AGG is positioned to expedite the project if approved. Serving as a platform for knowledge exchange and research collaboration, the group is set to facilitate a diverse and nuanced perspective on key CBDC-related questions, bridging the gap between academics and developers. The AGG aims to encourage open debate, diverse ideas, and perspectives essential for the effective implementation of a digital pound.
- Central bank actively forming CBDC Academic Advisory Group (AGG) with experts in various fields.
- AGG aims to contribute to foundational architecture for proposed CBDC and collaborate with private sector for experiments.
- Emphasis on generating expert academic insights and fostering interdisciplinary discussions during the design phase.
- AGG formation follows February consultation, signaling potential necessity and benefits of a digital pound.
- Decision on digital pound pending; AGG positioned to expedite project if approved.
- AGG serves as a platform for knowledge exchange, facilitating diverse perspectives on CBDC-related questions.
- Aims to bridge gap between academics and developers, encouraging open debate and diverse ideas for effective implementation.
References:
https://www.bankofengland.co.uk/the-digital-pound/cbdc-academic-advisory-group
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