The UK’s central bank is forming an advisory group for the digital pound due to the CBDC design stage taking shape in the bank.
The Bank of England has been working on the launch of the digital pound for some time now. The central bank had also lent support to crypto, with the UK government on the same page. The bank has steadily progressed with the central bank digital currency (CBDC), recently reaching the CBDC design phase.
It has also uploaded a notice inviting advisers for a digital pound advisory group. It released the notice along with The Treasury. It has invited academics, researchers, and experts across economics, finance, and business, for the Academic Advisory Group (AAG).
“The AAG will serve as a platform for knowledge exchange and research collaboration, and 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,” said the notice.
The Bank of England said the design phase of the CBDC will involve several important domains. It will involve building the architecture of the CBDC and implementing proofs-of-concept. The bank will also partner with the private sector to build the digital pound. Such initiatives will accelerate the digital pound’s development, it said.
The advisory group will be a one-stop research collaboration and knowledge exchange platform. It will also advise the project on key issues.