Digital Pound Foundation launches to push for UK CBDC

An independent group has launched The Digital Pound Foundation, which will push for the implementation of a digital pound and digital money ecosystem.

The forum, which is backed by association members such as Accenture and Ripple, was incorporated on 22 June this year and is chaired by industry veteran Jeremy Wilson, a former vice chairman at Barclays.

In a statement the DPF said that “a digital Pound will underpin the UK’s transition to an innovative, inclusive digital economy and society.”

It added that” “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.”

Research from the Bank for International Settlements (BIS) shows that 10 per cent of central banks surveyed representing 20 per cent of the world’s population are likely to issue a Central Bank Digital Currency (CBDC) for the general public in the next three years.

The launch of the group comes after the Treasury launched a joint taskforce with the Bank of England on the potential for a Central Bank Digital Currency in the UK, while G7 ministers have also discussed the need for a safe implementation of such currencies this week.

Foundation and associate members of the DPF include Accenture, Avalanche, Billon Group, CGI, Electroneum, Quant and Ripple. Partners include Herbert Smith Freehills and The Realization Group.

The Foundation said it will draw on the expertise and practical experience of its members to conduct research, advocacy, ‘hands on’ exploratory projects and multi-stakeholder collaboration in the design, development, implementation and roll-out of a digital Pound as a "means of securing the UK’s place in the emerging global digital landscape".

Commenting on the launch, Digital Pound Foundation chairman Jeremy Wilson, said:
“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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