The Digital Pound Foundation aims to introduce a CBDC (central bank digital currency) to be used in the UK. The Foundation, on the other hand, took an important step in this regard and established a joint working area with important names and companies of the crypto money world. Here are the details from the Digital Pound Foundation’s pivotal step.
A group of cryptocurrency advocates who want the UK to issue a CBDC (central bank digital currency) are preparing to take an important step in this regard. This group, which wanted to form a coalition, started initiatives to issue a UK CBDC by acting together.
At its launch today, the Digital Pound Foundation announced the formation of a coalition to support “the implementation of a well-designed digital Pound and digital currency ecosystem.” The companies in this coalition were Accenture, Avalanche, Billon Group, CGI Group, Electroneum, Quant and Ripple, which are important companies in the crypto money world.
With this coalition, the Foundation; It wants to work in a number of areas such as the design, development, implementation and launch of the Digital Pound (UK CBDC). The coalition also seeks to conduct “hands-on” exploration and research prior to the launch of the UK CBDC, as well as multi-stakeholder collaboration. The foundation also stated that they want to secure the UK’s place in the emerging global digital landscape.
The Bank of England had already engaged and tasked third-party firms to issue a CBDC. As we mentioned in the news we shared with you before, these companies, which are divided into two groups as “Participation Forum” and “Technology Forum”, include important companies such as PayPal, Monzo, Starling, Checkout.com, ConsenSys, R3, Visa and Mastercard.
Despite the current work of the Bank of England, the Digital Pound Foundation wants to contribute to the process by conducting an independent study.
“Although the Bank of England has recently established the Participation and Technology forums for the CBDC, We; Having an independent forum outside the Bank that brings together a wide range of expertise from technology, policy, financial services and other disciplines is an important part of the design and implementation process.”