United Kingdom: The Digital Pound Foundation promotes the development of CBDCs

United Kingdom: The Digital Pound Foundation promotes the development of CBDCs
United Kingdom: The Digital Pound Foundation promotes the development of CBDCs

The objective of the DPF

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 UK.

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

As previously reported by Cointelegraph, the UK government in April created a CBDC task force 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.

In addition to supporting development efforts, the foundation will also advocate for robust regulation for the UK’s CBDC project as well as favorable legal provisions for privately issued digital currencies.

Divergent opinions

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.

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

In a note written to Cointelegraph, Wilson offered a different opinion:

“Our point of view is that CBDCs should not be viewed the same way as cryptocurrencies. The two are fundamentally different in their conceptualization, and in the use cases to which they would respectively be applied. “

According to the release, associate members are joining Wilson and other members of the DPF including Ripple, Quant, Electroneum and The Realization Group.

Richard Ells, CEO of Electroneum, will also serve on 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.

However, it should be noted that in a survey of 2,500 adults in the UK released in August, 30% of participants said that a CBDC could cause more harm than good in the land.

 
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