The Digital Pound Foundation’s Use Case Working Group has been making great progress since its formation and has brainstormed a wealth of possible digital Pound use cases, allowing us to group these into themes and start working on the next level of detail.
The group, which consists of representatives from various DPF members including Electroneum, Herbert Smith Freehills, Modulr, OneStep Financial, Quant, and Ripple, has put together a project canvas, building the foundations of our purpose, the outcomes we hope to achieve, what activities we’ll undertake, who will be involved, and how we can measure our impact.
“It has been a privilege to work with the other group members and learn from their wealth of experience and knowledge. We have made great progress to date and I’m looking forward to continuing to explore the retail use cases we believe could have the greatest impact on UK citizens.” – William Lorenz, DPF Individual Expert Member and Use Case Working Group Lead
Alongside our canvas, we have developed use case selection criteria to ensure we’re exploring valuable and relevant opportunities. These include the impact on the UK person on the street, business opportunity, degree of government interest and policy alignment, our ability to access industry expertise, and how clearly a use case will showcase the unique potential of a Digital Pound.
While work is ongoing to select and define use cases in detail, we have identified four themes to explore:
1. Improving social welfare
Improving financial inclusion and payment of government benefits, grants and pensions.
2. Making tax effortless
Removing friction in the process of making or receiving tax repayments.
3. Only pay for what I use
Gaining greater accessibility to the services you want, whilst paying only for what you use.
4. Controlling my money
Enhancing the way you pay for high-value items, such as homes and cars, whilst protecting you and your money in unprecedented ways.
Next Steps
Over the coming weeks, we will continue to build out our chosen themes with the goal of shortlisting a number of use cases with which a digital Pound could have the greatest societal impact. From there, we will aim to check these with the DPF and wider community, plus ascertain whether there are any other areas you would be keen for us to explore. We look forward to providing you with our next update shortly.
In the meantime, we would like to highlight the opportunity for others to get involved at this early stage. If you and your organisation are interested in joining the Digital Pound Foundation and our Use Case Working Group, we would love to hear from you! Feel free to reach out to our Membership Community Manager for more information: michelle.brook@digitalpoundfoundation.com
