The rollout of the CBDC marches on. A few weeks ago we took a look at the possibility of a Britcoin which included cautions expressed by Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme.
Today, the Bank of England, in collaboration with HM Treasury, issued an open call of interest for scholars and researchers to join the newly formed CBDC Academic Advisory Group (AAG).
With the ever-evolving financial landscape moving swiftly towards digitization, the AAG aims to be the bedrock of expertise and research, bringing together professionals from diverse fields including monetary policy, behavioural science, innovation theory, and more. The cross-disciplinary nature of the group signifies a progressive approach, ensuring multifaceted viewpoints during the design phase of what may become the digital pound.
Earlier this year, in February 2023, a joint Consultation Paper was released, dissecting the need and design nuances of the prospective digital pound. While the commitment to its creation remains undecided, one thing is clear — preparation for a potential digital currency is in full swing. The current focus is the crucial “design phase,” where the objective is to lay the foundational architecture, collaborating with private sectors for experimentation and proof of concept.
The joint stewardship of the AAG by the Bank of England and HM Treasury underpins the significance of the venture. The initiative aims to harness the academic prowess of the UK and beyond, offering a platform for knowledge sharing, research, and, perhaps most importantly, challenging the status quo. The collaboration with academia stands as a testament to the importance of a well-informed approach, acknowledging that decisions that shape the financial future of the nation should be rooted in extensive knowledge and research.
In an era where central bank digital currencies (CBDCs) are capturing global attention, the UK is poised to be at the forefront of this financial revolution, and the formation of the AAG signifies just that. It is an invitation to scholars, researchers, and experts to play a pivotal role in shaping the future of money, potentially laying the groundwork for a digital currency ecosystem that is robust, inclusive, and future-ready.
