Promoting a UK pound based CBDC
Issue 8 | 14 October 2021
Welcome to issue 8 of e-Pound:Unpacked - in this issue we focus on the launch of the Digital Pound Foundation.
Today (14 October 2021) saw the launch of the Digital Pound Foundation - an independent body to promote a UK pound based CBDC.
Chaired by Jeremy Wilson, the independent forum is backed by Accenture, CGI Group and Ripple and will push for the implementation of a digital pound and digital money ecosystem.
The Digital Pound Foundation argues that the adoption a CBDC will underpin the UK's transition to an "innovative, inclusive digital economy and society.
Citing BIS research showing that 10% of central banks representing 20% of the world’s population are likely to issue a CBDC for the general public in the next three years, the foundation claims that a digital pound is vital to maintaining the UK's leading position in fintech.
The creation of the forum follows the launch by HM Treasury of a joint taskforce with the Bank of England to explore the case for introducing a Central Bank Digital Currency in the UK.
Last month the BoE and HM Treasury announced the membership their CBDC Engagement and Technology Forums, signing up a host of big names from across the UK's financial services sector.
I'm very encouraged by progress on that [CBDC] front and the fact that we are getting to grips with this critical innovation. If this comes to pass, it will be one of the most fundamental innovations in the history of central banking, it will move us into a new era.
Bank of England governor, Andrew Bailey
The foundation plans to carry out research and advocacy as they push for an inclusive, well-regulated, secure and transparent ecosystem that encompasses both CBDCs and privately-issued forms of digital money.
Technology is transforming human interaction and money must adapt to that. 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.
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