Digital Pound Foundation announces support to UK’s CBDC, digital money ecosystem
The Foundation believes that a digital Pound will establish the UK as an innovative and inclusive digital economy
The Digital Pound Foundation has announced that a core group of founding members will support the implementation of a well-designed digital Pound and digital money ecosystem.
The Foundation believes that a digital Pound will establish the UK as an innovative and inclusive digital economy.
It will also help the nation to maintain its globally-competitive lead in fintech and financial innovation, if it creates a digital Pound and a healthy ecosystem for digital money.
The members of the group are Jeremy Wilson, Jannah Patchay, Lee Schneider (Ava Labs), Victoria Thompson, Phil Kenworthy, Jim Ford and Melanie Budden. Foundation's Associate members are Accenture, Avalanche, Billon Group, CGI, Electroneum, Quant and Ripple, whereas its partners include Herbert Smith Freehills and The Realization Group.
According to a research conducted by the Bank of International Settlements, 10% of central banks surveyed representing 20% of the world’s population are likely to issue a Central Bank Digital Currency (CBDC) for the general public in the next three years or less.
Speaking on this, Digital Pound Foundation chairman Jeremy Wilson said,
“Technology is transforming human interaction and money must adapt to that. The world has become a global laboratory realizing the benefits of a new form of money. The Foundation seeks to support the UK in bringing that about for the benefit of all”.
CBDCs and other new forms of digital money can leverage frontier technologies for development of features such as programmable money, more inclusive payments services, and more robust and resilient payments infrastructure, enabling the UK’s transition to a digital economy.
In addition to its research and policy activities, the Foundation will also act as a hub to collate and share a comprehensive set of resources about the progress towards a digital Pound and movements towards the creation of other CBDCs globally.