EcoPound
Programmable money for circular, inclusive cities
Duration
2 months / 2024
Supervisors
Carla Amaral
Project tags
Design Research,System Mapping, Horizon Scanning, Design Fiction, Roadmapping
London faces acute social and environmental pressures: underbanked neighbourhoods, limited green infrastructure and widening inequality and climate risk. Traditional finance fails to embed sustainability or foster local collaboration.
EcoPound injects ecological incentives and equity into every transaction. Through programmable finance, it drives circular consumption, funds community projects and channels green investments, reshaping London into an inclusive, low‑carbon city.
From bartering, metals and banknotes to cards and mobile pay, money keeps adapting. COVID-19 hastened the cashless shift, paving the way for Central Bank Digital Currencies (CBDC).
The Digital Pound is a proposed CBDC from the Bank of England, akin to cash but digital, stable, secure and accessible for daily use. Its programmable features could bolster sustainability, equity and local growth.
Yet launching a digital currency alone won’t guarantee broad benefits. More than faster payments, it could spark regenerative practices, inclusive growth and robust local loops, turning finance into a tool for urban sustainability.
Digital pound can aid in transition of the economy from a self-contained model to a planetary model
The derived problem statement is:
‘How might we design the Digital Pound to foster resilience and circularity in London?’
The Futures Wheel diagrams how introducing the Digital Pound in the UK might generate multiple ripple effects: first, second and higher-order impacts on finance, society and governance. By placing the Digital Pound at the centre, the wheel highlights immediate shifts like cross-border transactions and programmable payments, which can unlock new business models and decentralised platforms in the long run. At the same time, it raises concerns about privacy, surveillance and access, especially if certain groups are excluded from digital banking. By mapping these interconnected pathways, the Futures Wheel offers a holistic view of both the opportunities and the pitfalls surrounding a digital currency.
These ripple effects hold particular relevance for circularity, resilience and sustainability in an urban context such as London. Reduced reliance on physical cash could cut resource consumption and the associated environmental footprint, while programmable money can be channeled into local green initiatives and circular-economy incentives. In addition, including unbanked populations and small businesses via inclusive digital services strengthens social resilience and fosters equitable growth. By carefully designing and regulating the Digital Pound, ensuring data protection, public-private collaboration and responsible usage, cities like London can harness a CBDC not just as an economic tool, but as a stepping stone toward a more sustainable, balanced and regenerative urban future.
The Horizon Scanning diagram captures near-term signals, mid-term drivers and long-term outcomes across seven interconnected themes: Policy & Regulation, Consumer Adoption, Urban Regeneration, Social Inclusion, Technological Disruption, Environmental & Climate Impact and Legal & Governance highlighting how small-scale actions can spark transformative shifts in London’s economic and social future.
By focusing on a proposed Digital Pound as a core driver, the project pinpoints where each theme (e.g., local tokens for regeneration, AI-based finance or inclusive wallet design) could shape a circular, resilient and equitable city, ultimately guiding stakeholders toward meaningful policies and innovations.
This scanning cycle illustration guided the systematic identification and clustering of signals and trends for the project, ensuring that emerging developments were spotted, validated and translated into actionable insights.
Exploring Future Scenarios Workshop was conducted and designed to encourage participants to imagine and analyse future possibilities of digital pound.
The workshop was conducted with 35 participants, fostering a collaborative and creative environment and used a deck-based toolkit with structured prompts to guide scenario-building
The scenarios created by the participants during the workshop was categorised into six categories:
EcoPound is a digitally-based, sustainability-focused currency designed to transform London’s urban ecosystem by integrating Circular Economy, Financial Resilience, Sustainability, Policy & Governance and Social Inclusion. It aims to reduce resource waste, incentivise green behaviours and empower communities, ultimately fostering an equitable, low-carbon future for the city.
Building on specialised solutions like the River Thames Token, a bioregional currency that supports ecological restoration and local synergy, EcoPound encourages environmental stewardship, community well-being and a truly regenerative economic model for London.
Artefact 1: A Glimpse of 2050
This fictional tax bill is aimed at London homeowners and council officials, illustrating how design fiction can bring future complexities to life. In a fragmented 2050, certain boroughs reward Digital Pound payments (via tax discounts), but many districts remain cash dependent or tied to private fintech platforms. By weaving in River Thames tokens, valid only in specific wards, this artefact spotlights how local government strives for modern, efficient tax collection yet can’t fully abandon legacy methods or control competing systems. Through subtle disclaimers, surcharges and partial incentives, the notice underlines the patchwork reality of digital finance and invites audiences to imagine a near future where uneven adoption shapes everyday transactions.
Artefact 2: A 2050 Regenerative Vision for London
This framework shows how the Digital Pound can spark an inclusive, circular economy by 2050, merging financial innovation with social equity and ecological stewardship. Short-term pilots pave the way for programmable finance (e.g., carbon pricing, local tokens), while bioregional banks and regenerative tourism drive deeper change. Coordination among the Bank of England, HM Treasury, local councils and civil society is guided by carbon reduction, local economic multipliers, financial inclusion and ecosystem restoration, positioning London for global leadership in regenerative finance.
Artefact 3: Hybrid Energy Bill, 2035
This speculative energy bill, co‑branded by the City of Camden Council and British Gas, highlights the fragmented rollout of the Digital Pound in 2035. A prominent QR code offers a 2% discount when you pay via the official Digital Pound e‑wallet, yet a tear‑off stub remains for those still relying on cash or checks. Fine‑print warnings (‘Expect occasional processing delays in low‑bandwidth areas’) and district‑specific disclaimers underscore how patchy infrastructure forces utility companies to juggle old and new payment rails side by side.
Artefact 4: Mixed Merchant Receipt, 2035
This Sainsbury’s receipt from Southfields Station Local spotlights everyday payment complexity in a half‑digital city. The top half itemises your total in Digital Pound units and applies a ‘Sustainability Credit’ for eco‑friendly purchases, while the bottom half lists all accepted methods—Cash / Private E‑Wallet / Digital Pound. A bold ‘TRANSACTION DELAYED’ stamp and ‘E‑Payment pending confirmation’ note reveal how intermittent network coverage can leave customers hanging. A small green‑leaf icon marks loyalty points earned only through the official digital system, calling out the real‑world impact of uneven adoption.
Artefact 5: Hopper + Transit Card, 2036
This seamless ‘Hopper + Pass’ design by Transport for London embeds a Digital Pound NFC chip behind the familiar Oyster livery, with a discreet tap to pay symbol still active for legacy gates in low‑coverage boroughs. A tiny ⚡🍃 emblem along the bottom signals green‑zone fare discounts, while the back panel quietly advises ‘Use only when you see this symbol on older stations and buses’ and links to an alternative wallet for offline areas. By merging digital and analog tap‑and‑go in one streamlined card, this artefact captures the user experience of a transit system caught between rapid innovation and persistent patchwork coverage.