Proposal for the Creation of cGBP - Celo Great British Pounds Stable Coin

I am writing to propose the development and implementation of a stable coin pegged to the Great British Pounds (GBP) on the Celo blockchain, to be named cGBP. This initiative aligns with the Celo Foundation’s commitment to financial inclusion and the creation of a more inclusive and accessible financial system for people around the world.

Background: The United Kingdom is home to a significant number of expatriates from various countries, and they collectively remit over 10 billion GBP annually to their home countries. Remittance is a crucial part of the livelihood of these expatriates, serving as a financial lifeline for their families and communities back home. However, the current remittance processes are often expensive and time-consuming, prompting the need for more efficient alternatives.

Rationale for cGBP: Introducing cGBP on the Celo blockchain can provide a cost-effective and faster alternative for expatriates sending remittances from the UK to their home countries. By leveraging the advantages of blockchain technology and the Celo platform, cGBP can significantly reduce transaction costs and processing times associated with traditional remittance channels.

Supporting Data:

  1. Remittance Volume: Expatriates in the UK send over 10 billion GBP annually in remittances.
  2. Current Challenges: Traditional remittance services often involve high fees, lengthy processing times, and currency conversion costs.
  3. Market Demand: British companies like CPayant are already using stable coins for cross-border payments, indicating a growing demand for efficient and cost-effective solutions.

Benefits of cGBP:

  1. Cost-Effective: cGBP can drastically reduce transaction fees, making remittances more affordable for expatriates.
  2. Efficient: Transactions on the Celo blockchain are known for their speed, providing expatriates with quicker access to their funds.
  3. Streamlined Processes: British companies like CPayant can benefit from the introduction of cGBP, streamlining their cross-border payment processes and contributing to the growth of the Celo ecosystem.

Impact on Celo Ecosystem: The introduction of cGBP will not only cater to the needs of expatriates but also contribute to the growth of the Celo ecosystem. As more businesses adopt cGBP for cross-border transactions, the demand for Celo assets will increase, further solidifying the platform’s position as a leading blockchain solution.

Conclusion: I believe that the creation of cGBP aligns with the Celo Foundation’s mission to make financial systems more inclusive. By addressing the specific needs of expatriates and British companies involved in cross-border payments, cGBP can serve as a catalyst for positive change in the remittance landscape. I kindly request the Celo Foundation to consider this proposal and explore the possibilities of creating cGBP to empower individuals and businesses alike.

Thank you for your time and consideration. I look forward to the potential positive impact that cGBP could bring to the Celo ecosystem and the global financial landscape.


Hi @CPayant - thanks for taking the time to write out this thread!

The remittance market seems significant and a great start for a potential cGBP. Do you have connections with CPayant or any remittance organizations? Having an initial partner and user base would significantly increase the value of a cGBP.

It’s also helpful to note that Mento is developing a Stablecoin Factory (more in this blog) that will make it much easier for third parties to create a GBP stablecoin.

I think the next step could be to search for one or multiple on/off ramp partners, exchanges, or remittance companies that are eager to integrate cStables or, specifically, cGBP.


Hello @LuukDAO I am founder for CPayant, and we already have our app on playstore with active users. We currently have cUSD plug-in, but cGBP would be of better service to our UK primary market.


Great! I would love to learn more about payment; anything you can share about your team? I think there’s merit in writing out an initial pilot scope for a cGBP - happy to review if you’re able to draft a pilot plan!

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Hello @LuukDAO, we are currently 2 in the founding team with support from dev and customer support staff. Profile of myself and co-founder here:

Emmanuel T. Darko (CEO), MBA. Digital Marketing Strategy; 3-time founder. 12 years Finance & Tech industry experience. Co-founder for leading blockchain projects listing platform, ICOWatchlist. A Kairos society global fellow.

Francis O. Babalola (CTO), BSc. Civil Engineering; 2-time founder. 5 years of building innovative solutions on the Blockchain one of which is a payment ticketing solution that works on & off grid for PoS systems. He is an alumnus of the world renowned Meltwater Entrepreneurship School of Technology (MEST)

For the pilot plan, what points and topics should it possibly cover? This could help me flesh it out better.


Thanks for sharing more background! Exciting stuff.

As far as I know, no specific template is used in the Celo ecosystem; however, maybe someone from Prezenti @MayaRB @Thylacine @Wade can share some insights on previous experiments!

From my personal view, having run a couple of pilots in the Caribbean, I would suggest studying some existing Pilot frameworks such as this or this.

The pilot will help you gain a deeper insight into the identified market, its size, needs, and the added value of cGBP. Once these insights and potential blockers are identified, you will have a better understanding that can help shape an actual go-to-market strategy and budget.

Generally, I would aim to keep the pilot budget lean so you have more chance of it moving forward. You could, for example, split the budget into development, ops, and marketing/incentives. If there is a way for your team to do the development and operations at a reduced cost, it will make it easier to get support and budget for the user-facing elements.

I’m a bit packed with the existing Governance proposals, but I’m happy to jam with you once you have some initial ideas written out in a week or two!

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@LuukDAO here is what I came up with. Not sure if this is a good format:

Pilot Plan: Implementation of cGBP - Celo Great British Pounds Stable Coin

Objective: The primary objective of this pilot plan is to initiate the implementation of cGBP, a stable coin pegged to the Great British Pounds (GBP), on the Celo blockchain. This pilot aims to test the feasibility and efficacy of cGBP in addressing the remittance needs of expatriates and facilitating cross-border payments for British businesses, with a budget-conscious approach.

Phase 1: Research and Feasibility Assessment (Estimated Budget: $30,000)

  1. Market Research:
  • Comprehensive market research on the remittance market in the UK, focusing on expatriate needs and challenges faced by traditional remittance services has already been done by us at CPayant and it shows an annual transaction volume of 10 Billion GBP with a CAGR of 6% till 2028. We also discovered that 8 out of 10 based on transaction fees and speed.
  • Estimated Cost: $0.00
  1. Technical Feasibility:
  • Collaborate with Celo Foundation technical teams to assess technical requirements and feasibility.
  • Allocate funds for technical assessments and potential challenges.
  • Estimated Cost: $15,000
  1. Regulatory Compliance:
  • Engage with regulatory authorities for compliance assessments and approval processes.
  • Allocate funds for legal consultations and regulatory compliance efforts.
  • Estimated Cost: $15,000

Phase 2: Development and Testing (Estimated Budget: $50,000)

  1. Smart Contract Development:
  • Collaborate with Celo Foundation developers for smart contract implementation and testing.
  • Allocate funds for smart contract development and testing processes.
  • Estimated Cost: $10,000
  1. Wallet Integration:
  • Work on cGBP wallet development or integration with existing wallets like CPayant.
  • Allocate funds for wallet development and integration efforts.
  • Estimated Cost: $20,000
  1. User Education and Onboarding:
  • Develop educational materials and campaigns for user onboarding.
  • Provide training sessions for businesses interested in cGBP.
  • Estimated Cost: $20,000

Phase 3: Pilot Launch and Evaluation (Estimated Budget: $60,000)

  1. Limited Rollout:
  • Start the pilot with a limited rollout Dapps like that of CPayant in the UK.
  • Allocate funds for marketing and initial user acquisition.
  • Estimated Cost: $30,000
  1. Feedback and Iteration:
  • Collect feedback and iterate based on user input.
  • Allocate funds for adjustments and improvements.
  • Estimated Cost: $20,000
  1. Performance Metrics:
  • Establish and monitor KPIs to measure pilot success.
  • Allocate funds for ongoing evaluation and adjustments.
  • Estimated Cost: $10,000

Phase 4: Full-scale Implementation and Expansion (Estimated Budget: $100,000)

  1. Scale-Up:
  • Proceed with full-scale implementation based on pilot success.
  • Allocate funds for marketing campaigns and additional user onboarding efforts.
  • Estimated Cost: $50,000
  1. Marketing and Outreach:
  • Launch comprehensive marketing campaigns for cGBP promotion.
  • Allocate funds for ongoing educational initiatives.
  • Estimated Cost: $30,000
  1. Regulatory Engagement:
  • Maintain ongoing communication with regulatory authorities.
  • Allocate funds for regulatory compliance efforts.
  • Estimated Cost: $20,000

Total Estimated Budget: $240,000

This an estimated budget is designed to cover the essential aspects of cGBP implementation, allowing for a cost-effective pilot while ensuring compliance with regulations, technical robustness, and user adoption.


We also discovered that 8 out of 10 people are willing to change their current service/app based on transaction fees and speed.

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Hi @CPayant,

Roman of Mento Labs here. Thank you for the proposal! It would be great to host a cGBP on Mento alongside cUSD, cEUR and cBRL at some point. Would you be up for a call some time soon to brainstorm a bit more? Let’s coordinate via Telegram if that works for you: @roman_croessmann


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Hello @roman, sure! I’ll reach out to you on Telegram.