The Digital Pound Foundation is a new group aiming to push a British CBDC alongside the Bank of England. Made up of private sector professionals, the group has been set up to conduct research, advocate and enable multi-stakeholder collaboration to help design and launch a digital Pound according to their press release.
Founding members and affiliates include consultancy Accenture, decentralised finance protocol Avalanche, blockchain developer Billon Group, IT and business consulting firm CGI Group, cryptocurrencies Electroneum, Quant, and digital-payment service Ripple.
The Bank of England has also set up two forums to explore how they could create a digital Pound. Members, announced in September 2021, include financial institutions, tech companies and household brand names including HSBC, Spotify and Asos. Despite the Bank of England previously trashing Bitcoin, it seems very happy to ensure it is instrumental in the creation of a blockchain enabled digital currency which British citizens will likely be moved to, replacing the current fiat system.
About the Digital Pound Foundation
The group will be chaired by Jeremy Wilson, the former vice chair of Barclays Investment Bank and one of the directors of the Nedbank Private Wealth International group.
The Digital Pound Foundation’s website says it is “an independent forum supporting the implementation of a well-designed digital Pound” and states it was incorporated in June 2021 . It goes on to state it is “unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.”
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.
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.Digital Pound Foundation
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.
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”.Jeremy Wilson, Chair of the foundation