Digital Pound Foundation launches pushing UK CBDC efforts

A group of crypto advocates and firms are forming a new coalition to push the United Kingdom to issue a central bank digital currency (CBDC).

The Digital Pound Foundation is an independent forum to support the implementation of a well-designed digital Pound and digital money ecosystem. Chaired by Barclays veteran Jeremy Wilson, the Digital Pound Foundation argues that the adoption a CBDC will underpin the UK's transition to an "innovative, inclusive digital economy and society".

The group was originally driven by a group of individuals but has now added several member companies active in the blockchain sector, including Accenture, Avalanche, Billon Group, CGI Group, Electroneum, Quant and Ripple, which are funding the organisation through membership fees. 

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”.

A digital economy 

The Foundation believes that a digital Pound will underpin the UK’s transition to an innovative, inclusive digital economy and society. 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 shows that 10% of central banks surveyed representing 20% of the world’s population are likely to issue a Central Bank Digital Currency (CBDC) for the general public in the next three years or less.

CBDCs and other new forms of digital money can leverage frontier technologies for development of features such as programmable money, more inclusive payments services, and more robust and resilient payments infrastructure, enabling the UK’s transition to a digital economy.  The Foundation will draw on the expertise & 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.

Recognising that both public and private sector have a role to play in the new digital money landscape, the Foundation’s remit will include advocacy for an inclusive, well-regulated, secure and transparent ecosystem that encompasses both CBDCs and privately-issued forms of digital money.