Policy paper

The Digital Pound Taskforce and Forums

This document sets out the Terms of Reference for the Digital Pound Taskforce.

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The Digital Pound Taskforce: Terms of Reference

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Details

The Digital Pound Taskforce is the senior body in the cross-organisation governance structure for the HM Treasury and the Bank of England’s 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 England’s Deputy Governor for Financial Stability and HM Treasury’s 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 Forum’s 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.

The membership, Terms of Reference and minutes of the Engagement Forum can be found on the Bank of England’s website.

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.

The membership, Terms of Reference and minutes of the Academic Advisory Group can be found on the Bank of England’s website.

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.

Further information regarding the Technology Forum can be found on the Bank of England’s website.

Published 19 April 2021
Last updated 25 January 2024 + show all updates
  1. This page has been updated to reflect changes to the Terms of Reference of the Digital Pound Taskforce, and the title of the Digital Pound Taskforce (formerly the CBDC Taskforce). Information was added relating to the CBDC Engagement Forum, Academic Advisory Group and Tech Forum, as well as links to the relevant pages on the Bank of England's website. This page provides information about the work of the Digital Pound Taskforce, including its Terms of Reference, and details of the CBDC Engagement Forum, Academic Advisory Group and Technology Forum.

  2. Information on the CBDC engagement forum membership applications updated

  3. Membership of the CBDC Engagement Forum added

  4. First published.