Ripple, Avalanche and several crypto companies launched the Digital Pound Foundation, an association that seeks to promote the implementation of a digital pound for the United Kingdom.
A group of crypto industry firms have formed a new alliance to pressure the UK into issuing a central bank digital currency, or CBDC.
The Digital Pound Foundation (DPF) announced on Thursday its launch as an independent non-profit organization in the UK, with the aim of supporting “the implementation of a well-designed digital money and digital ecosystem“. The members of the organization include companies Accenture, Avalanche, Ripple, Billon Group, CGI Group, Electroneum and Quant.
According to a statement quoted by various news outlets, one of the goals of the DPF is to work to promote the implementation of a CBDC in the country. To do this, the organization will conduct research and collaborate with stakeholders to support the project of a digital pound. This was highlighted in the statement:
The Foundation will draw on the expertise and practical experience of its members to conduct research, advocacy, hands-on exploratory projects, and multi-stakeholder collaboration in the design, development, implementation and deployment of a Pound. [libra] digital as a means of securing the UK’s place in the emerging global digital landscape.
Digital Pound Foundation will work on a digital pound
In addition to supporting efforts to develop a CBDC, the organization will also advocate for strong regulations for the digital libra project, as well as favorable legal provisions for privately issued digital currencies.
The Central Bank of England has been analyzing the creation of a digital currency; For this, several working groups have been deployed that seek to gather information and understand the challenges of CBDCs.
A few weeks ago, the country’s monetary authority announcement two teams made up of third parties, the Engagement Forum and the Technology Forum, which support this matter. Members of those teams include PayPal, Monzo, Starling, Checkout.com, ConsenSys, R3, Visa and Mastercard, among other renowned companies. The DPF may now join some of these working groups.
However, although the central bank is already consulting with companies in the cryptocurrency industry and related to the sector, the association indicated that its independence distinguishes it from existing groups. The DPF highlighted this in a question and answer section, as quoted The Block:
Although the Bank of England has recently established its CBDC Technology and Engagement forums, the Foundation believes that having an independent forum that is external to the Bank, bringing together a wide variety of expertise in technology, policy, financial services and other disciplines, is an important part of the design and implementation process.
Ripple supports CBDC development
As the UK and more than 80 central banks from countries around the world explore CBDCs, some companies in the crypto industry are leading efforts to support these developments.
Last month, the cryptocurrency company Ripple Labs announced a partnership with the central bank of Bhutan to support the development of a CBDC. The agreement will make it easier for the Royal Monetary Authority (RMA) of Bhutan to use the technology of the private ledger of Ripple to run pilot tests of a digital currency.
The news came a few months after Ripple will announce for the first time the deployment of a private version of its network designed to provide central banks with a solution for CBDC issuance.
In this Thursday’s statement, the executive of RippleSusan Friedman, Chief Policy Officer, said the company is excited about “support the design and implementation of a [libra] digital in association with the Digital Pound Foundation“. “The Foundation will help advance the UK’s goal of building a more inclusive and sustainable financial systemHe added.
The executive director of ElectroneumRichard Ells, who will serve as a member of the DPF board of directors, also shared the idea that the CBDCs have the potential to contribute significantly to promoting greater financial inclusion.
Hannah Estefanía Pérez’s version / DailyBitcoin
Image from Unsplash