The UK Centre for Blockchain Technologies (UK CBT) academics collaborated as Co-investigators on a UKFin+ Feasibility Funding Stream bid, led by Prof. Sheri Markose from the University of Essex. The £100k grant represents phase I of a broader research programme investigating Central Bank Digital Currency (CBDC) adoption in the UK.

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The project aims to develop two key components: a data-driven Agent-based Model simulating the income, expenditure, and payments of 52 million UK adults to analyse CBDC adoption patterns, and an SME-focused app to calculate potential savings from receiving payments in CBDC rather than cards.

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The bid has received letters of support from the Bank of England and the Digital Pound Foundation. Prof. Markose, a member of the Bank of England’s CBDC Academic Advisory Group and HM Treasury, leads the project, with an intention of providing actionable insights into the economic and practical implications of digital currency adoption in the UK.

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