Digital Pound Foundation Powers Up for CBDC Development

Forward the foundation! Independent forum intends to support the implementation of a digital pound and digital money ecosystem in the UK.

In for a Central Bank Digital Currency (CBDC), in for a pound. The Digital Pound Foundation has launched as an independent forum to support the implementation of a digital pound and digital money ecosystem.

Announced today (14 October), foundation and associate members include Accenture, Avalanche, Billon Group, CGI, Electroneum, Quant and Ripple.

The foundation is very clear in its ambitions and believes that a digital pound will underpin the UK’s “transition to an innovative, inclusive digital economy and society”.

It cites research from the Bank for International Settlements (BIS) that shows 10% of central banks surveyed representing 20% of the world’s population are likely to issue a CBDC for the general public in the next three years or less.

Digital Pound Foundation Chairman Jeremy Wilson states: “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.”

CBDCs have been in the media spotlight for quite a while. For instance, earlier this month eWeek UK analysed BIS’ findings regarding the seven central banks working in tandem to explore CBDCs for the public.

As that report notes, digital currency has been one of the central talking points in finance in the 21st century. Whether it’s the sort of mobile payments using already-existing money that are ubiquitous today or entirely new currencies, e-gold or Bitcoin, the world is spending more and more of its time exchanging funds through the digital world than ever.

The Digital Pound Foundation sees plenty of features ahead – such as programmable money, “more inclusive” payments services, and “more robust and resilient” payments infrastructure.

It will conduct research, advocacy, ‘hands on’ exploratory projects and multi-stakeholder collaboration in the design, development, implementation and rollout of a digital pound.

It is aware of the public and private sectors, and the foundation’s remit will include advocacy for an ecosystem that encompasses both CBDCs and privately-issued forms of digital money.

Originating members of the group include Wilson, Jannah Patchay, Lee Schneider (Ava Labs), Victoria Thompson, Phil Kenworthy, Jim Ford and Melanie Budden. Partners include Herbert Smith Freehills and the Realization Group.

In addition to its research and policy activities, the foundation will also act as a hub to collate and share resources about the progress towards a digital pound and movements towards the creation of other CBDCs globally.

The foundation’s website is here.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
Get the Free Newsletter
Subscribe to Techrepublic UK for weekly updates from Techrepublic and eWEEK on the latest in UK top tech news, trends & analysis
This email address is invalid.
Get the Free Newsletter
Subscribe to Techrepublic UK for weekly updates from Techrepublic and eWEEK on the latest in UK top tech news, trends & analysis
This email address is invalid.

Popular Articles