The Bank of England has set its gears in motion to ensure a smooth sail into the world of cryptocurrencies. Coining a new digital pound advisory group, the CBDC Academic Advisory Group, the esteemed Bank is on the hunt for specialists to facilitate an interdisciplinary discussion on retail Central Bank Digital Currency (CBDC).
The broad spectrum of expertise this group is expected to accrue stems from a need to thread the needle of multiple disciplines, from monetary policy to law, from behavioral science to marketing and business. The go-to resource for understanding and refining the complex facets of a digital pound, this group will be an essential cog in the intricate workings of the design phase.
The CBDC Academic Advisory Group has set a tall order on its plate. It will play a crucial role in challenging existing paradigms, conceptualizing groundbreaking ideas, and fostering a dynamic dialogue on all things concerning the digital pound.
Earlier this year, the government launched an open public consultation on whether to introduce a digital pound. This move, presented as a joint venture by the Bank of England and HM Treasury, has been touted as a steppingstone in the UK financial landscape. Through the solicitation of crucial feedback, the institutions aim to collaborate with the private sector in their experimental trial runs.
The consensus from the Bank of England and HM Treasury is leaning heavily towards the necessity of a digital pound. However, the verdict is still up in the air on whether internal development is required. But one thing is pretty clear; the stage has been set for meticulous preparatory work to kick off.
Once the dust settles from this open public consultation period, which concluded in June, the Bank of England will embark on a dedicated two-year window for fine-tuning the digital pound. The Advisory and Accountability Group (AAG) will play a crucial role in shaping this period.
Lastly, a critical decision awaits at the end of the CBDC design phase. A comprehensive evaluation on creating a digital pound will be made, taking in the collective wisdom from the consultation period and the AAG’s influence.
This period is a landmark development in the digital push, setting the stage for a thorough assessment of the advantages and shortcomings of the digital pound. By nurturing a core group of experts and fostering comprehensive input, an informed decision should guide the way to a sustainable and successful digital pound in the future.
Source: Cryptonews
