Launch of the Digital Pound Foundation to promote the development of CBDCs in the UK

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The Digital Pound Foundation (DPF), a group of experts in technology, innovation and regulation, announced its launch as an independent non-profit organization in the UK

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

Indeed, as previously reported by UKTN, the UK government established a CBDC task force in April to explore preliminary issues related to the creation of a national digital currency.

The DPF, as part of its stated mandate, will research and collaborate with stakeholders to support the UK’s CBDC project.

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In addition to supporting development efforts, the foundation would also advocate for strong regulation for the UK’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 UK run deep, hence the need to create the group to provide the necessary support to all stakeholders.

The DPF could likely join the cast of payments and fintech experts already aligned by the Bank of England to help with the UK’s CBDC development efforts.

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Recently, notorious whistleblower and former US Central Intelligence Agency agent Edward Snowden described CBDCs as a perversion of cryptocurrencies.

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

Related: British Chancellor names CBDC on Treasury financial reform list

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

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Electroneum CEO Richard Ells will also be a member of the DPF board of directors. According to Ells, CBDCs have the potential to significantly contribute to the promotion of greater financial inclusion around the world.

In a survey of 2,500 UK adults released in August, 30% of participants said they believed a CBDC could cause more harm than good in the country.