The Digital Pound Foundation (DPF), a group of technology, innovation and regulatory experts, has announced its launch as an independent non-profit organization in the United Kingdom.

According to a release issued on Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country.

Indeed, as previously reported past Cointelegraph, the U.Yard. government established a CBDC task force to explore preliminary matters related to the creation of a national digital currency in Apr.

The DPF, as part of its stated mandate, will comport out research and collaborate with stakeholders to support the U.One thousand.'s CBDC project.

In addition to supporting developmental efforts, the foundation volition also reportedly abet for robust regulations for the U.One thousand.'s CBDC project likewise every bit favorable legal provisions for privately issued digital currencies.

According to Jeremy Wilson, chairman of the DPF, the social and technological ramifications of a CBDC for the U.K. are profound — hence, the demand for creating the group to provide the necessary support to all stakeholders.

The DPF may probable join the cast of payment and fintech experts already lined upward by the Bank of England to contribute to the U.K.'due south CBDC evolution efforts.

Recently, famous whistle-blower and quondam Usa Central Intelligence Agency agent Edward Snowden described CBDCs as a perversion of cryptocurrencies.

In a written notation to Cointelegraph, Wilson offered a different opinion, stating, "Our view is that CBDCs should not be considered on the same spectrum as cryptocurrencies. The two are fundamentally unlike in their conceptualization, and in the use cases to which they would respectively be applied."

Related: Great britain chancellor names CBDC on listing of fiscal reforms for Treasury

Co-ordinate to the declaration, Wilson and the other originating members of the DPF are joined past associate members, including Ripple, Quant, Electroneum and The Realization Group.

Electroneum CEO Richard Ells will also serve as a member of the board of directors of the DPF. According to Ells, CBDCs have the potential to contribute meaningfully to promoting greater fiscal inclusion across the globe.

In a survey of two,500 adults in the U.G. published dorsum in August, thirty% of participants stated their belief that a CBDC could cause more harm than expert in the country.