Creation of the Digital Pound Foundation to promote CBDC development in the UK

189
SHARES
1.5k
VIEWS
ADVERTISEMENT

The Digital Pound Foundation (DPF), a group of technology, innovation and regulatory experts, has announced its creation as an independent not-for-profit organization in the UK.

According to a press release released Thursday, the DPF will work to promote the adoption of a central bank digital currency (CBDC) in the country.

Related articles

In fact, as Cointelegraph previously reported, the UK government set up a CBDC task force in April to investigate preliminary inquiries related to the creation of a national digital currency.

As part of its stated mandate, the DPF will conduct research and work with stakeholders to support the UK’s CBDC project.

In addition to supporting development efforts, the Foundation will also reportedly advocate robust regulations for the UK’s CBDC project, as well as favorable legal provisions for privately issued digital currency.

According to Jeremy Wilson, chairman of the DPF, the social and technological implications of a CBDC for the UK are profound, so it is necessary to create the group to provide the necessary support to all stakeholders.

The DPF could likely join the group of payments and fintech experts already set up by the Bank of England to contribute to the UK’s CBDC development effort.

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

In a written communication to Cointelegraph, Wilson expressed a different opinion: “Our view is that CBDCs should not be viewed in the same spectrum as cryptocurrencies. The two differ fundamentally in their conceptualization and in the use cases to which they would be applied. “

Related: The British Chancellor named CBDC on the list of financial reforms for the Treasury

According to the announcement, Wilson and the other original members of the DPF will be supported by associate members such as Ripple, Quant, Electroneum and The Realization Group.

Electroneum CEO Richard Ells will also join the board of directors of the DPF. According to Ells, CBDCs have the potential to make a significant contribution to promoting greater financial inclusion around the world.

In a survey of 2,500 adults in the UK published in August, 30% of respondents said CBDC could do more harm than good in the country.