TWO University of Essex experts are having their say on the development of the digital pound.

Professor Sheri Markose from the Department of Economics, and Dr Marta Arroyabe from the Business School, have been invited to join an academic advisory group.

Professor Markose said: "The possibility of introducing a digital pound is an inevitable consequence of the digital revolution.

"I’m delighted to be part of a potential momentous change in the monetary system as central banks explore changing demand for their notes and coins in payments, and the emergence of privately issued digital currencies.”

They will both now join the Central Bank Digital Currency Academic Advisory Group.

The group is focused on the potential implementation of a digital pound by the Bank of England and HM Treasury.

The aim of the group is to offer expert advice during the design phase of the digital pound.

Dr Arroyabe said: “When it comes to innovation, for example, my research explores the decision-making processes and strategies that firms employ when embarking on innovation initiatives.

"This expertise aligns directly with the Bank of England and HM Treasury's work on CBDC, as the introduction of a digital pound would represent a significant financial innovation.”

Predicted for launch in the second half of the decade, this electronic cash would function alongside the existing monetary system, rather than replace it.