Digital Pound Foundation launches to boost UK CBDC development

The Digital Pound Foundation (DPF), comprising technology, innovation and regulatory experts, has announced the launch of an independent not-for-profit organization in the UK.

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

In fact, as previously reported by Cointelegraph, the U.K. government set up a CBDC working group in April this year to explore initial matters related to the creation of a national digital currency.

As part of its stated mandate, the DPF will undertake research and engage with stakeholders to support the UK's CBDC project.

As well as supporting development efforts, the foundation will reportedly advocate for strong regulation of the UK CBDC project, as well as favorable legal provisions for privately issued digital currencies.

According to DPF chairman Jeremy Wilson, the social and technological impact of CBDC on the UK is profound, so it was necessary to create this organization to provide the necessary support to all stakeholders.

The DPF is likely to join the roster of payments and fintech experts the Bank of England has already brought in to contribute to the development of a UK CBDC.

Recently, prominent whistleblower and former CIA agent Edward Snowden called CBDCs a misrepresentation of cryptocurrencies.

In a written note to Cointelegraph, Wilson offered a different view, saying: “Our view is that CBDCs should not be considered on the same spectrum as cryptocurrencies. Both conceptually and the use cases in which they are applied are fundamentally different.”

Associate members including Ripple, Quant, Electroneum and The Realization Group join Wilson and other founding members of the DPF, according to the statement.

Electroneum CEO Richard Ells will also sit on DPF's board of directors. Ells said CBDCs have the potential to make a meaningful contribution to promoting greater financial inclusion globally.

In a survey of 2,500 British adults published in August, 30% of respondents said they believed a CBDC could do more harm than good to the UK.

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