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Bank of England has made reference to Ripple in its press release while working on digital pound

The Bank of England (BoE) published a document on the digital pound sterling, the country’s digital currency, on February 7 and shared the link via its Twitter account. Curiously, it referred Ripple while omitting the name of XRP.


Consequently, a CBDC, or the digital pound, is being planned by the Bank of England and the U.K. Treasury. By the end of the decade, they believe that people will start reaping the benefits of using it, which would eliminate the need for coins and banknotes. They would use their iPhones to make payments.

To prevent these CBDC payments from ending up in solely a closed, private network, the BoE also wishes to prevent its CBDC from being built by a private Big Tech company.

Even though this would lessen the effectiveness of the pound as a means of payment, Parliament agreed to limit the number of digital pounds saved within a single wallet to prevent the U.K.’s financial system from becoming unstable as the CBDC would be implemented.

The final choice regarding whether to move forward with these plans will be made in 2025.

The crypto behemoth Ripple is mentioned in the BoE consultation paper. It mentioned coordinated FX transfers in two simulated RTGS systems as part of a “joint project” between the bank and Ripple.

Additionally, the report claims this is currently a part of the BoE’s Real Time Gross Settlement Renewal Programme.

Recall that the Bank of England’s Fintech Accelerator selected Ripple as a partner to conduct a PoC (proof-of-concept) with the DLT giant to work on international payments and settlements between two different Real Time Gross Settlement systems back in 2017.

bank-of-england-has-made-reference-to-ripple-in-its-press-release-while-working-on-digital-pound

Ripple is now looking for an engineering intern for its work involving central bank digital currency. The individual employed by Ripple will be tasked with developing software prototypes based on Ripple’s exclusive CBDC Ledger, powered by XRPL.

Bhutan’s central bank teamed with Ripple in September 2021 to assist them in creating Ngultrum, its centralized digital currency.

The business published a white paper explaining how XRP Ledger might be used to create central bank digital currencies in March of the same year.

Late in January, pro-Ripple lawyer Jeremy Hogan discussed several potential applications for central banks to use the XRP Ledger for CBDC creation.

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