Digital Pound Foundation launched to push authorities for CBDC release

The monetary authorities in the United Kingdom are still looking into the application of Central Bank Digital Currencies (CBDCs) and the regulations related to them. While countries like China have already started testing CBDCs, a group of individuals working in the private sector have founded the Digital Pound Foundation. 

The goal of the Foundation is to push the efforts of regulatory authorities in favour of launching a CBDC as soon as possible. The Foundation will research the working of the Digital Pound so that it aligns with the monetary policies of the government. 

The Chairman of the Digital Pound Foundation will be the former Vice-Chairman of Barclays Investment Bank and a director at Nedbank Private Wealth International, i.e., Jeremy Wilson. 

Digital Pound Foundation and regulatory authorities

The Digital Pound Foundation has been founded by members from the private sector that include Accenture, Avalanche, Billon Group, CGI Group, Electroneum, Quant, and finally Ripple. With members from these billion-dollar companies, we can expect that the Digital Pound might turn out to be the biggest CBDC project for 2021. 

Recently, the G7 summit was concluded on 13th October, wherein the 7 nations, including the UK, held a meeting. In the meeting, the financial authorities from the nation were present to discuss the initiation and integration of CBDC projects with the current financial framework. 

The UK already looking into CBDCs

The formation of the Digital Pound Foundation indicates the rising interest of the private sector firms in CBDCs. Although, the monetary authorities of the UK have already started digging into the technicalities regarding the creation of the digital pound.

A team of professional experts from HSBC, Spotify, and Asos was announced way back in the month of September that would be looking into the creation and distribution of the digital pound. 

Through the efforts of G7, the UK and other nations are also looking to get into the world of blockchain-based assets. But, the only condition to follow is that CBDCs shouldn’t disrupt the working of the current monetary system.