Digital Pound Foundation launches, aiming to promote a UK CBDC

Digital Pound Foundation launches, aiming to promote a UK CBDC

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 announced its launch today, aiming to support "the implementation of a well-designed digital Pound and digital money ecosystem." Member firms include Accenture, Avalanche, Billon Group, CGI Group, Electroneum, Quant and Ripple.

"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," said the announcement.

The Bank of England has already deployed a pair of third-party working groups to provide input as the central bank looks into the issuance of a CBDC. Members of the so-called Engagement Forum and Technology Forum include PayPal, Monzo, Starling, Checkout.com, ConsenSys, R3, Visa and Mastercard, among others.

Though the central bank is already conferring with crypto-focused and crypto-adjacent firms, the Digital Pound Foundation said its independence sets it apart from the existing groups.

"Although the Bank of England has recently set up its CBDC Engagement and Technology forums, The Foundation believes that having an independent forum that is external to the Bank, bringing together a wide variety of expertise from technology, policy, financial services and other disciplines, is an important part of the design and implementation process," said the body, referencing a portion of its frequently-asked-questions section.

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