British Foundation for the Promotion of the Digital Pound launched

The Foundation wants an inclusive and well-regulated ecosystem to be created to promote a CBDC as well as other digital money projects.

The Digital Pound Foundation (DPF), a group of experts from the financial, crypto and regulatory sectors, has established itself as an independent body to promote the creation of a digital pound.

In an announcement published on October 14, the non-profit organization stated that it would advocate for a central bank digital currency (CBDC) in the United Kingdom, as it sees it as the means of giving the country the Transition to an innovative, inclusive digital economy and society” can facilitate.

The Group’s core business will be research and policy issues related to the development of the digital pound. However, the Foundation also plans to establish a hub from which it can pool and share resources for the development of the UK CBDC and similar projects around the world.

“CBDCs and other new forms of digital money can use pioneering technologies to develop features such as programmable money, more inclusive payment services and a more robust and resilient payment infrastructure, enabling the UK’s transition to a digital economy.”the Foundation said in a statement.

Leading companies in the technology and financial ecosystem supporting the initiative include Ireland-based IT firm Accenture, blockchain firm Ripple and smart contract platform Avalanche. Other members of the group are the Billon Group, Electroneum, the CGI Group and Quant.

The DPF will also benefit from the contributions of Herbert Smith Freehills and The Realization Group, both of which have joined as partner members.

The Group will share its expertise and practical Bring experience in the design, development and introduction of the digital pound, the statement continues.

Susan Friedman, head of policy at Ripple, said that the US-based blockchain company will support the push for the CBDC as the project “the UK’s ambition to build a more inclusive and sustainable financial system will drive forward”.

The introduction of the DPF comes at a time when the UK is addressing the issue of CBDC. The Bank of England recently unveiled a group of companies to help investigate the possible adoption of a digital pound. PayPal, ConsenSys, Visa and Monzo are all part of the BoE’s forum.

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