The Digital Pound Foundation (DPF), made up of a group of experts in technology, innovation and regulatory requirements, announced the start of its activities aimed at researching and promoting the government digital currency (CBDC). DPF will
conduct research and collaborate with stakeholders to support the UK project. Probably, we are talking about cooperation with a structure that was organized by the UK government in April to study issues related to the creation of the state digital currency. DPF will not only support the development of the state digital currency, but also advocate for strict regulatory rules for the UK CBDC project, as well as favorable regulations for the development of cryptocurrencies. DPF Chairman Jeremy Wilson believes that the social and technological implications of implementing a government digital currency for the United Kingdom are enormous, so it is important to create such a group to provide the necessary support to all stakeholders.
The DPF is likely to join the organization of payment and financial technology experts organized by the Bank of England to support the UK’s efforts to develop a national digital currency. At first glance, this is an unprecedented case and a commendable initiative of the society, which intends to control the development and implementation of the state digital currency in order to protect its rights. However, it is possible that the DPF can be created to gently promote the authorities’ policy regarding the state digital currency.
Not only the government, but also large financial institutions are striving to introduce state digital currencies. Recently, the International Monetary Fund recommended that developing countries adopt a government digital currency and replace the US dollar. Payment giant Visa has presented a solution for the interaction of cryptocurrencies, stablecoins and state digital currencies. And former intelligence officer Edward Snowden called CBDC evil and said that state digital currencies are a way for the state to get into the wallets of its citizens.
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