Digital Pound Foundation Launches to Push for UK CBDC

A group of private sector professionals launched the Digital Pound Foundation, an organization that aims to promote the development of a central bank digital currency (CBDC) for the U.K.

• The foundation will conduct research about and advocate for a digital British pound, and get multiple stakeholders to work together to help design and roll out the currency, according to a Thursday press release.
• Jeremy Wilson, former vice chairman of Barclays Investment Bank and a director at Nedbank Private Wealth International, will serve as chairman of the group.
• Founding members and affiliates include consultancy Accenture, decentralized finance protocol Avalanche, blockchain developer Billon Group, IT and business consulting firm CGI Group, cryptocurrencies Electroneum and Quant and digital-payment service Ripple.
• The Bank of England has set up two forums to explore the creation of a digital pound. Members, announced in September, include financial juggernauts such as HSBC, tech giants like Spotify and retailers such as Asos.

Read more: Bank of England Official: It’s ‘Probable’ UK Will Launch a Digital Currency