CBDC implementation in UK gets fresh boost with ‘Digital Pound Foundation’

CBDC implementation in UK gets fresh boost with 'Digital Pound Foundation'
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Countries around the world are bolstering their efforts towards CBDC implementation and the island nation of the UK isn’t far behind. In the latest development, several cryptocurrency proponents in the UK have come together to launch Digital Pound Foundation in a bid to foster the deployment of a central bank digital currency.

According to the official announcement, the new entity – Digital Pound Foundation was launched on the 14th of October by a core group of founding members as an independent forum to support the implementation of a well-designed digital Pound and digital money ecosystem. It further stated,

“The Foundation believes that a digital Pound will underpin the UK’s transition to an innovative, inclusive digital economy and society. If the UK is to maintain its globally-competitive lead in fintech and financial innovation, it needs to create a digital Pound, and a healthy ecosystem for digital money.”

High-profile backing

CBDC implementation in UK gets fresh boost with 'Digital Pound Foundation'

Foundation and Associate members include some of the big names such as Ripple, Avalanche, Accenture, CGI Group, Electroneum, Quant and Billon Group in addition to Herbert Smith Freehills and The Realization Group.

On the other hand, the core members of the group are Whitechapel Think Tank Chairman Jeremy Wilson, Advisor Jannah Patchay, Ava Labs’ Lee Schneider, Orora Co-founder Victoria Thompson, ClearBank Executive Director Phil Kenworthy, Jim Ford as well as Financial services strategy consultant Melanie Budden.

Even though there are multiple crypto-related firms backing, the Digital Pound Foundation maintains that it is an independent entity that was incorporated on the 22nd of June this year to work with a myriad of stakeholders and participants, the end goal being – implementation of a Digital Pound.

Delving deeper into DPF’s CBDC endeavors

Zooming out, the launch of DPF is also towards helping UK’s seamless transition to a digital economy. In this aspect, the foundation believes that CBDCs and other new forms of digital money can utilize potentially disruptive technologies for the development of characteristics like programmable money, more inclusive payments services, and a more robust and strong payments infrastructure.

Additionally, the foundation is also reportedly proposing a model which will enable the public and private sectors to fully engage in the design, development, and adoption of a digital Pound.

Following the rollout, Digital Pound Foundation Chairman Jeremy Wilson was quoted saying,

“Technology is transforming human interaction and money must adapt to that. The world has become a global laboratory realising the benefits of a new form of money. The social ramifications of this shift will affect everyone. The Digital Pound Foundation seeks to support the UK in bringing that about for the benefit of all.”

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