The Foundation wants an inclusive and well-regulated ecosystem to be put in place to promote a CBDC as well as other digital currency projects.
The Digital Pound Foundation (DPF), a group comprising experts from the financial, crypto and regulatory sectors, was launched as an independent body to promote the creation of a digital book.
According to an announcement on October 14, the nonprofit said it would advocate for a central bank digital currency (CBDC) in the UK because it sees it as the vehicle that can help the country to “Make the transition to an innovative and inclusive digital economy and society”.
The main activity of the group will focus on research and policy issues related to the development of digital currency. However, the Foundation also plans to provide a center where they can pool and share resources related to the development of the CBDC in the UK as well as similar projects around the world.
“CBDCs and other new forms of digital currency can leverage cutting-edge technologies to develop features such as programmable currency, more inclusive payment services, and a more robust and resilient payment infrastructure, enabling the transition of the United Kingdom towards a digital economy ”, said the Foundation in a communicated.
Key companies in the tech and financial ecosystem supporting the initiative include Irish IT company Accenture, blockchain company Ripple and smart contract platform Avalanche. The other members of the group are the Billon Group, Electroneum, the CGI Group and Quant.
The DPF will also benefit from input from Herbert Smith Freehills and The Realization Group, both of whom have joined the group as partner members.
The group will offer expertise and practical experience in the design, development and launch of digital currency, the statement added.
Susan Friedman, Head of Policy at Ripple, said that the US blockchain company will support the promotion of the CBDC, with the project “furthering the UK’s goal of building a more inclusive and sustainable financial system”.
The DPF unveiling comes as the UK is studying the CBDC issue, with the Bank of England recently presenting a group of companies to study the potential deployment of a digital book. PayPal, ConsenSys, Visa and Monzo are all part of the Bank of England forum.
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