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Digital Pound Foundation launches to promote CBDC development in the UK

Digital Pound Foundation launches to promote CBDC development in the UK


Source: Coin Telegraph

The think tank wants to ensure the United Kingdom keeps pace with the developments in the emerging digital landscape.

The Digital Pound Foundation (DPF), a group of technology, innovation, and regulatory experts, has announced its launch as an independent non-profit organization in the U.K.

According to a release issued on Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country.

Indeed, as previously reported by Cointelegraph, the U.K. government in April established a CBDC task force to explore preliminary matters related to the creation of a national digital currency.

The DPF, as part of its stated mandate, will carry out research and engage in collaboration with stakeholders to support the U.K.’s CBDC project.

In addition to supporting developmental efforts, the foundation will also reportedly advocate for robust regulations for the U.K.’s CBDC project as well as favorable legal provisions for privately issued digital currencies.

According to Jeremy Wilson, chairman of the DPF, the social and technological ramifications of a CBDC for the U.K. are profound, hence the need for creating the group to provide the necessary support to all stakeholders.

The DPF may likely join the cast of payment and fintech experts already lined up by the Bank of England to contribute to the U.K’s CBDC development efforts.

Recently, famous whistle-blower and former United States Central Intelligence Agency agent Edward Snowden described CBDCs as a perversion of cryptocurrencies.

In a written note to Cointelegraph, Wilson offered a different opinion, stating, “Our view is that CBDCs should not be considered on the same spectrum as cryptocurrencies. The two are fundamentally different in their conceptualization, and in the use cases to which they would respectively be applied.”

Related: UK chancellor names CBDC on list of financial reforms for Treasury

According to the announcement, Wilson and the other originating members of the DPF are joined by associate members including Ripple, Quant, Electroneum and The Realization Group.

Electroneum CEO Richard Ells will also serve as a member of the board of directors of the DPF. According to Ells, CBDCs have the potential to contribute meaningfully to promoting greater financial inclusion across the globe.

In a survey of 2,500 adults in the U.K. published back in August, 30% of participants stated their belief that a CBDC could cause more harm than good in the country.

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Author: Osato Avan-Nomayo