The UK central banks says the AAG will bring together experts from a range of disciplines related to its work on the digital pound, including monetary policy, finance, competition economics, industrial organisation, behavioural science, law, innovation theory, marketing, and business.

In a statement, the Bank says: “In February 2023, the Bank of England and HM Treasury jointly issued a Consultation Paper setting out an assessment of the motivations and design choices for a potential digital pound. While no decision has been made, that paper signalled that the digital pound is likely to be needed in the future, so our work will now move onto a ‘design phase’.

“The objective of the design phase is to develop a comprehensive and conceptual architecture, and to carry out experimentation and proofs of concept, in collaboration with private sector innovators, to inform the development of our potential architecture and to build both the Bank’s and the private sector’s digital currency technology know-how. This approach will ensure that the development of a digital pound can be accelerated if a decision is taken to build it.”

The AAG will be jointly run by the Bank of England and HM Treasury and will be expected to generate expert academic input on a range of topics related to retail CBDC.

The Bank is inviting expressions of interest from academics from a wide range of disciplines and backgrounds with relevant subject matter knowledge, skills and experience. The closing date for applications to the AAG is 3 September 2023.