Digital Pound Foundation launches to promote CBDC development in the UK

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

According to a notification issued on Thursday, DPF will work to promote the implementation of a central bank’s digital currency (CBDC) in the country.

In fact, as previously reported by Cointelegraph, the UK government set up a CBDC task force in April to investigate the basics of creating a national digital currency.

The DPF, as part of its declared mandate, will conduct research and collaborate with stakeholders in the UK to support the CBDC project.

In addition to supporting development efforts, the Foundation will advocate for stricter regulations for CBDC projects in the UK, as well as favorable legal provisions for privately issued digital currencies.

According to DPF Chairman Jeremy Wilson, the social and technological implications of CBDC for the UK are profound – so there is a need to create groups to provide the necessary support to all stakeholders.

DPF is likely to join the cost of payments and fintech experts are already lined up by the Bank of England to contribute to the UK’s CBDC development efforts.

Recently, Edward Snowden, the famous whistle-blower and former agent of the US Central Intelligence Agency Described CBDCs as a distortion of cryptocurrency.

In a written note to Cointelegraph, Wilson offered a different view, saying: “Our view is that CBDC should not be considered in the same spectrum as cryptocurrency. The two differ fundamentally in their conception, and in the case of use where they will be applied, respectively. “

Related: The Chancellor of the United Kingdom has named the CBDC to the Treasury’s list of financial reforms

According to the announcement, Wilson and other emerging members of the DPF will be joined by associate members, including Ripple, Quantum, Electronicum and The Realization Group.

Richard Els, CEO of Electronics, will also serve as a member of the DPF’s board of directors. According to Els, the CBDC has the potential to make a meaningful contribution to the promotion of greater financial inclusion around the world.

In a survey of 2,500 UK adults published in August, 0% of participants said they believed a CBDC could do more harm than good in the country.