GovWire

The Digital Pound Taskforce is the senior body in the cross-organisation governance structure for the HM Treasury and the Bank of Englands joint work on the digital pound and related CBDC policy questions. A number of other groups have been established to support the work of the Taskforce, details of which are set out below.

Digital Pound Taskforce

The joint HM Treasury and Bank of England CBDC Taskforce was created in April 2021 to ensure a strategic approach to, and to promote close coordination between, the UK authorities as they explore CBDC, in line with their statutory objectives. In October 2023, the Taskforce was renamed the Digital Pound Taskforce.

The Taskforce is co-chaired by the Bank of Englands Deputy Governor for Financial Stability and HM Treasurys Director General of Financial Services. As well as work on the possible design of the digital pound, it will continue to assess wider CBDC policy questions and monitor international developments.

The Terms of Reference for the Taskforce can be found above. The Terms of Reference were updated in October 2023.

CBDC Engagement Forum

The CBDC Engagement Forum looks at all aspects of a central bank digital currency apart from the technology it might use. The Forum is co-chaired by HM Treasury and the Bank of England.

The Forums members are senior leaders from financial institutions, civil society groups and merchants, among others, chosen by an open application process.

The membership and format of the Engagement Forum was revised following the publication of the 2023 Consultation Paper to ensure it can continue to support our work in the design phase.

CBDC Academic Advisory Group

The Academic Advisory Group, co-chaired by HM Treasury and the Bank of England, will provide a forum to engage stakeholders from academia and gather input from a diverse range of academic fields relevant to CBDC.

CBDC Technology Forum

The CBDC Technology Forum is convened by the Bank of England and looks at the technology a central bank digital currency might use.