UK’s Central Bank Digital Currency: The Digital Pound Foundation’s Mission

The Digital Pound Foundation (DPF), a group of technology, innovation and regulation experts, has announced its creation as an independent UK non-profit organization.

The DPF will work to promote the adoption of the central bank digital currency (CBDC) in the country, according to a press release released on Thursday.

In fact, as Cointelegraph previously reported, the UK government set up a CBDC task force in April to investigate preliminary issues related to the creation of a national digital currency.

The DPF will conduct research and work with stakeholders within its stated mandate to support the UK CBDC project.

In addition to supporting development efforts, the fund will also support stringent regulations for the UK CBDC project as well as favorable regulatory requirements for privately issued digital currencies.

According to Jeremy Wilson, chairman of the DPF, the social and technological gaps between the CBDCs and the UK are so deep that it is necessary to form a team to provide all stakeholders with the support they need.

Digital Pound Foundation is likely to join the team of payments and fintech experts arranged by the Bank of England to contribute to the UK’s CBDC development effort.

Recently, the prominent whistleblower and former agent of the US Central Intelligence Agency, Edward Snowden, described CBDC as a perversion of the cryptocurrency.

In a written communication to Cointelegraph, Wilson took a different view: “Our view is that CBDCs should not be viewed on the same scale as cryptocurrencies. The two differ fundamentally in their concepts and in the use cases to which they are applied. “

Related: The UK Prime Minister has put CBDC on the Treasury Department’s financial reform list

According to the announcement, Wilson and other early members of the DPF will be supported by associate members such as Ripple, Quant, Electroneum and The Realization Group.

Electroneum CEO Richard Ells will also be a member of the DPF board of directors. According to Ells, CBDCs have the potential to make a significant contribution to promoting greater financial inclusion around the world.

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