In the UK has been set up Digital Pound Foundation to support the central bank’s digital currency (CBDC). It is an independent organization made up of a group of private sector professionals.
Digital Pound Foundation and CBDC in the UK
According to news, the Digital Pound Foundation was set up yesterday by a group of founding members as an independent forum to support the implementation of the CBDC in the UK, the digital pound. In principle, the Foundation will carry out research, practical analytical projects, address legal issues and encourage multi-stakeholder cooperation in the design, development and implementation of the digital pound.
Once the CBDC development model is ready, the Foundation believes that the UK can enable the transition to a digital, innovative and inclusive economy and society. In this regard, Digital Pound Foundation President Jeremy Wilson said:
“Technology is changing human interaction and money needs to adapt. The world has become a global laboratory that realizes the benefits of a new form of money. The social consequences of this change will affect everyone. The Digital Pound Foundation is working to make it work for everyone in the UK. ”
Digital Pound Foundation: who are the members and partners?
Founding members of the Digital Pound Foundation include Jeremy Wilson, Jannah Patchay, Lee Schneider (Ava Labs), Victoria Thompson, Phil Kenworthy, Jim Ford and Melanie Budden.
Other members and associates include Accenture, Avalanche, Billon Group, CGI, Electroneum, Quant and Ripple.
Through the use of evolving technologies, all these names will provide their support to create a robust and resilient digital payment infrastructure from which to develop programmable money and more inclusive payment services, including in the public sector. Susan Friedman, Ripple’s head of international policy, said:
“We are excited to be able to participate in the design and implementation of the digital pound in collaboration with the Digital Pound Foundation. The foundation will help advance Britain’s goal of building a more inclusive and sustainable financial system. “
The Digital Pound Foundation comes just weeks after the news that the Bank of England (BoE) is also interested in creating a CBDC. The BoE has decided to host a forum with all major technology companies such as Google, Amazon, PayPal, Oracle, IBM and Spotify.
“The forum will help the bank understand the technological challenges in designing, implementing and operating a CBDC,” the BoE said in a statement.
This forum and the Digital Poud Foundation could be an important turning point for the Bank of England in creating the state’s digital currency.