The foundation wants a comprehensive and well-regulated ecosystem to promote CBD as well as other cryptocurrency projects.
The Digital Pound Foundation (DPF), a group of experts from the financial, crypto and regulatory sectors, has been launched as an independent body to promote digital book creation.
According to an announcement on October 14, the non-profit organization said it will defend a central bank digital currency (CBDC) in the UK as it sees it as the tool that can help the country to “Transition to an innovative and inclusive digital economy and society”.
The group’s main activity will focus on research and policy issues related to the development of digital currency. However, the Foundation also plans to provide a hub where they can collect and share resources related to CBDC development in the UK as well as similar projects around the world.
“Central bank digital currencies and other new forms of digital currency can leverage cutting-edge technologies to develop features such as programmable currency, more comprehensive payment services, and a more robust and flexible payment infrastructure, enabling the UK’s transition towards a digital economy.”, the institution said in a communication.
Some of the key companies in the tech and financial ecosystem supporting the initiative include Irish IT company Accenture, a blockchain company ripple and Avalanche’s smart contract platform. Other members of the group are Billon Group, Electroneum, CGI Group, and Quant.
The Development Policy Fund will also benefit from input from Herbert Smith Freehills and The Relationship Group, both of whom have joined the group as partner members.
The statement added that the group will provide expertise and practical experience in designing, developing and launching the digital currency.
Susan Friedman, Head of Policy at Ripple, announce That the US blockchain company will support the promotion of CBDCs, with a project to “promote the UK’s goal of building a more inclusive and sustainable financial system.”
The unveiling of the DPF comes as the UK is studying the CBDC case, with the Bank of England recently introducing a group of companies to study the potential publication of a digital book. PayPal, ConsenSys, Visa and Monzo are part of the Bank of England Forum.