The Digital Pound Foundation (DPF) – a team consisting of technology, innovation, and regulatory professionals – has reportedly disclosed its release as an independent UK-based non-profit organization. 

Specifically, the DPF will reportedly invest resources in accelerating the implementation of a central bank digital currency (CBDC) across the nation. 

As a matter of fact, the authorities in the UK have reportedly formed a UK task force, dedicated to deep-diving into preliminary challenges, associated with the creation of a national digital currency in April.

The DPF, as included in the scope of its shared mandate, will reportedly conduct research as well as work alongside stakeholders to assist the U.K.’s CBDC initiative. 

Aside from offering assistance for developmental attempts, the foundation will also reportedly invest its resources in supporting robust regulations for the U.K.’s CBDC initiative, together with favorable target provisions, devoted to privately issued digital currencies.

Per Jeremy Wilson, chairman of the DPF, the result of a CBDC for the U.K, in terms of social and technological aspects, will reportedly be profound. Consequently, the desire for establishing the group to offer the required assistance to every stakeholder. 

The DPF will possibly become a part of the roster of professionals across the payment and fintech industries already on the shortlist of the Bank of England to collaborate on the U.K.’s CBDC development efforts.

Recently, famous whistle-blower and former the United States Central Intelligence Agency agent Edward Snowden has reportedly regarded CBDCs as a perversion of cryptocurrencies.