Think tank wants to make sure that the UK keeps pace with the ever-changing emerging digital environment.
The purpose of the DPF
The Digital Pound Foundation (DPF), a group of experts in technology, innovation and regulation, has announced its launch as an independent non-profit organization in the UK.
According to a statement issued Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country.
As Cointelegraph previously reported, the UK government set up a CBDC task force in April to explore preliminary issues related to creating a national digital currency.
The DPF, as part of its stated mandate, will investigate and collaborate with stakeholders to support the UK CBDC project.
As well as supporting development efforts, the foundation will also advocate for strong regulation for the UK CBDC project, as well as favorable legal provisions for privately issued digital currencies.
Divergent opinions
According to Jeremy Wilson, Chairman of the DPF, the social and technological ramifications of a CBDC for the UK are profound, hence the need to create the group to provide the necessary support to all stakeholders.
The DPF could likely join the cast of financial technology and payments experts already lined up by the Bank of England to help with UK CBDC development efforts.
Recently, famous whistleblower and former US Central Intelligence Agency agent Edward Snowden described CBDC as a perversion of cryptocurrency.
In a note written to Cointelegraph, Wilson offered a different take:
« Our opinion is that CBDCs should not be viewed in the same way as cryptocurrencies. The two are fundamentally different in their conceptualization and in the use cases to which they would apply respectively. »
According to the statement, the associate members will join Wilson and other members of the DPF, including Ripple, Quant, Electroneum, and The Realization Group.
Richard Ells, CEO of Electroneum, will also serve on the DPF board of directors. According to Ells, CBDCs have the potential to make a significant contribution to promoting greater financial inclusion around the world.
However, it should be noted that in a survey of 2,500 UK adults published in August, 30% of participants said that a CBDC could Cause more harm than good on earth.
Clemente Dubois
I like cryptocurrencies. I have been studying it for several years, but also investing in it and working in this field. Also, I do articles on the subject where I try to be sharp.
