A group of regulatory experts have launched the Digital Pound Foundation – an independent forum set up to assist implementation of the UK’s digital Pound.
The group will conduct research, advocacy, exploratory projects, and multi-stakeholder collaboration concerning the UK’s proposed CBDC implementation and roll-out.
The foundation said the infrastructure created by a Central Bank Digital Currency could provide material benefits that will have repercussions for society.
The Digital Pound Foundation will also draw on the expertise and experience of its members to conduct research, advocacy and collaboration in the roll-out of the UK’s proposed CBDC as a means of securing the UK’s place in the growing global digital landscape.
In addition to its research and policy activities, the foundation said it plans to act as a hub to collate and share a comprehensive set of resources about the progress towards a digital Pound.
World finally realises benefits of digital money
Digital Pound Foundation chairman Jeremy Wilson said the technology was transforming human interaction and money must adapt.
“The world has become a global laboratory realising the benefits of a new form of money,” he said.
“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.”
Electroneum CEO Richard Ells, who sits on the board of directors, said that he, as a DPF member, was focused to ensure the digital Pound and other similar digital currencies worldwide genuinely help with financial inclusion.
He also explained this objective is what drove his decision to join the Pound Foundation.
“The reason for our involvement is to see financial inclusion take place through the implementation of the digital Pound in the UK and worldwide,” he said.
“I want us to do our part to ensure that digital currencies enable people globally to pull themselves out of poverty.”
Ells confirmed his drive in crypto was consumer-focused. That is why his start-up’s highest priority is to integrate as many real-world use cases as possible into its mobile app for the end users’ benefit.
The foundation explained its core group believes that a digital Pound will underpin the next generation of the UK’s economy and society.
That digital infrastructure, it said, will provide enormous benefits but will also have repercussions for humanity, which is why the DPF will seek that both public and private sectors play a role in the new digital money landscape.
Foundation and Associate members include Billon Group, Electroneum, Quant, Ripple, Accenture, Ava Labs, and CGI. Partners include Herbert Smith Freehills and The Realization Group.